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Egyptian financial services provider MNT-Halan valued at $1B in $400M funding

The round includes $260 million in equity financing and $140 million through two securitized bond issuances secured within the past year.
02.02.23 | Source: Tech Crunch

Egyptian fintech and e-commerce ecosystem MNT-Halan has raised up to $400 million in equity and debt financing from local and global investors as it continues to serve underbanked and unbanked customers in the North African country.


The round includes $260 million in equity financing and $140 million through two securitized bond issuances secured within the past year, investments that will now see MNT-Halan command a post-money valuation of about $1 billion.


A large chunk of the equity, about $200 million, was provided by Abu Dhabi–based Chimera Investments. The investment firm invested that amount in exchange for 20% of the Egyptian digital lender and e-commerce platform, which is also in advanced stages of raising $60 million in additional capital in the coming weeks. Last week, the IFC disclosed that it was investing $40 million in the company, but MNT-Halan declined to comment; it’s expected that the remaining financing will come from existing shareholders.





 




In a statement, MNT-Halan says the investments “demonstrate continued confidence in its value proposition, management team, and superior technology.” The company also plans to expand internationally after solid growth in Egypt and progress on the swap agreement between super app Halan and Netherlands-based microlending platform MNT Investments.

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