MNT-Halan is working to bring seamless financial services to the unbanked and underbanked customers in Egypt and the surrounding region. Its digital ecosystem includes business loans, consumer finance, payments, and e-commerce, all backed by its proprietary technology, Neuron. The company has 1.3 million monthly active users and serves over 5 million customers in Egypt, with over 2 million borrowers and 3.5 million financial clients.
Chimera Abu Dhabi invested more than $200 million in MNT-Halan for over 20% equity, whilst the fintech firm also raised $140 million through two securitised bond issuances and is in advanced stages of closing an additional $60 million from international investors. The two securitisations, worth $140 million, were made through Tasaheel Microfinance Company and Halan Consumer Finance, and oversubscribed with the participation of leading regional and local financial institutions such as Commercial International Bank, Abu Dhabi Commercial Bank, National Bank of Egypt, and Al Ahli Bank of Kuwait.
The additional funding will support MNT-Halan’s growth and help it further its mission to offer cutting-edge financial products and services, both locally and internationally, to empower the underserved. The company has the capacity to securitise up to $250 million in its securitisation programme, fueling its growing loan book.
Investment in the Middle East and Africa (MENA) region has increased in recent years, with the fintech sector being particularly attractive to investors. The growing number of young, tech-savvy consumers in the region has immense growth potential, making it a hotbed for venture capital and private equity investment. This trend is further reinforced by the recent funding round of MNT-Halan, which attracted $400 million in investment.
Source:
www.pulse.com.gh
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