MNT-Halan has raised $400m in funding, giving the Egyptian digital bank a valuation of $1b.
Chimera Abu Dhabi led the round, investing $200m in equity in exchange for 20% of the company. MNT-Halan is also in advanced stages with international investors to raise an additional $60m of primary capital.
MNT-Halan raised a further $140m in securitised bond issuances through subsidiaries Tasaheel and Halan, via Commercial International Bank, one of Egypt’s largest banks in the private sector.
The proceeds will add to the digital bank’s loan book, and it has the capacity to further securitise up to $250m, it said in a statement.
MNT-Halan was founded in 2018 to provide financial services to the unbanked and underbanked customers in Egypt and the surrounding region.
It offers business loans, consumer finance, payments and ecommerce, powered by Neuron, its banking system technology.
MNT-Halan founder and chief executive officer Mounir Nakhla commented: “The timing of the transaction is a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation.
“I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting edge financial products and services locally and internationally to empower the underserved.”
Seif Fikry, chief executive officer of Chimera Abu Dhabi, added: “MNT-Halan’s upward trajectory and momentum reflect the management team’s realisation of its extraordinary vision to transform a high touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment.”