MNT-Halan, the Egyptian microfinance lending and payments company, announced that it attained unicorn status after securing $400 million in new equity and finance. With this investment, their valuation has now surpassed $1 billion. The statement was released on Wednesday to commemorate such an important milestone for MNT-Halan.
Abu Dhabi’s Chimera Invests $200 Million for MNT-Halan Initiative
Private equity firm Chimera has acquired an ownership interest of 20%, at least, in the MNT-Halan enterprise, which is worth well over $200 million. Additionally, international investors have contributed a primary capitalization value of up to $60 million for this project, as per the released statement.
According to information accessible on the IFC’s website, the new unicorn MNT-Halan was able to amass a total of $140 million in financing through securitizing part of its loan book. This Egyptian fintech provides an extensive range of services to its 5 million customers, including small- and micro-business lending, payments, consumer finance, and e-commerce. Of those five million customers, 3.5 million are financial clients, while there are 2 million borrowers. Plus, there are 1.3 million active users.
Egypt Becomes a Major Attraction Point For Fintech Firms With Its Regulations
Egypt, home to the Arab world’s largest population, has ushered in a new era of growth with the introduction of progressive legislation and reform. These changes have brought about an abundance of investments into fintech startups, transforming how citizens previously lacking access to banking can now conduct their finances.
With these investments finalized, MNT-Halan is expected to be evaluated at over a billion dollars, granting it the illustrious unicorn status as per the announcement. Egypt’s Lorax Capital Partners, in addition to Algebra Ventures, DisrupTech, Endeavor Catalyst Egypt Ventures, and MEVP from the Middle East and Wamda, have joined as notable investors.
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