Egyptian fintech and e-commerce ecosystem MNT-Halan has secured $400 million to drive its expansion strategy.
The fintech grabbed an investment of more than $200 million from Chimera Abu Dhabi investment in exchange for 20 per cent of the company.
CEO of Chimera Abu Dhabi, Seif Fikry, said: “We are thrilled to be part of Egypt’s greatest fintech success story.
“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.”
In addition, the e-commerce fintech is set to grab $60 million in additional capital in the coming weeks.
MNT-Halan said the investments “demonstrate continued confidence in its value proposition, management team, and superior technology”.
The company, established in 2018, also intends to grow internationally after making great strides in Egypt.
MNT-Halan operates a digital wallet that offered bill payments, e-commerce and ride-hailing.
Headquartered in Egypt, its digital ecosystem connects consumers, merchants and micro-enterprises with business loans, consumer finance, payments, BNPL and e-commerce offerings, all backed by Neuron- its proprietary technology.
While lending itself has been MNT-Halan’s primary focus that generated the most revenue, it has created a digital ecosystem of products, including e-commerce, FMCG delivery and mobile POS payments that feed its lending operations.
CEO and co-founder of MNT-Halan, Mounir Nakhla, said: “We’re capitalising on our existing distribution through million-plus customers and adding services within our ecosystem.
“If you need a loan for your business, we’re going to give you one; you need a loan for consumption, we’re going to give you one; you need to order groceries or buy a mobile phone on our platform, we’ll deliver it to you via our e-commerce stores. Also, we can give them the credit they can use to make all of these purchases within the ecosystem.”
MNT-Halan lends to single SME owners who need lending to operate their businesses. The start-up officials said its digital ecosystem currently serves upwards of five million customers in Egypt. The startup mulls launching a debit card for its customers by the end of next month.
Mr Nakhla said: “…in the most important sector, we’re the largest, and no one is as advanced in technology or creates a fully-fledged ecosystem for the underbanked. I think this is where we differentiate ourselves from any other player in the market.”