- MNT-Halan, Egypt’s first fintech unicorn, raised $130M through securitization, bringing total funding to over $400M via 5 tranches of bond issuances in 2023.
- Founded in 2018, MNT-Halan’s mission is to digitally serve the unbanked and replace cash with electronic solutions, offering services such as small and micro business lending, payments, consumer finance, and e-commerce.
- With over 1.5 million quarterly active users and seven million customers in Egypt, MNT-Halan has gained unicorn status with a valuation exceeding $1 billion and aims to raise an additional $150 million by the end of the year.
- The successful bond issuances reflect the company’s resilient business model, high-quality loan book, and robust pay-back ability.
- The securitizations have received strong ratings, with the short-term tranches rated Prime 1, and the longer-term tranches varying between A and A+ by MERIS (Middle East Rating & Investor Service).
- Notable participating financial institutions include CIB, CI Capital, Al Ahli Bank of Kuwait, Al Baraka Bank, Arab African International Bank, and others.
MNT-Halan, recognized as Egypt’s first fintech unicorn, has recently added $130 million to its funding through a securitization deal, bringing its total capital raised in 2023 to $400 million. This reflects the company’s growing stature and investor confidence in its operations.
Since its inception in 2018, MNT-Halan has focused on digitalizing financial services for the unbanked in Egypt. It has quickly developed a platform that provides loans for small to micro businesses, consumer finance, payment processing, and e-commerce. The company reports over 1.5 million active users per quarter and has served over seven million customers to date.
Managed by CI Capital, the recent $130 million is part of a bond issuance series that has attracted significant investment, reaffirming MNT-Halan’s valuation of over $1 billion and supporting its expansion plans. The company aims to raise an additional $150 million by the end of this year.
MNT-Halan’s success with bond issues is attributed to the strength of its business operations, the quality of its loan portfolio, and its repayment performance. Mounir Nakhla, the CEO, has highlighted the strong market demand for their funding methods as the company progresses. The loan portfolio is currently growing at a monthly rate of 4-5%.
The company’s bond issuances have been rated highly by MERIS, with short-term bonds receiving a Prime 1 rating and long-term bonds rated from A to A+. This endorsement has attracted a variety of regional and local financial institutions to MNT-Halan’s offerings, including CIB, CI Capital, Al Ahli Bank of Kuwait, Al Baraka Bank, Arab African International Bank, and Arab African Investment Management.
As MNT-Halan expands its digital financial services in Egypt, it serves as an example of innovation and financial inclusion in the region. Its plans for growth and new digital product launches are anticipated to influence the financial sector not only in Egypt but also in the broader Middle East.
The funding rounds MNT-Halan has completed demonstrate the potential and growth within Egypt’s fintech sector, highlighting the significant opportunities for digital innovation in finance in emerging markets.
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