\u00a0in exchange for 20 per cent of the company.\u00a0<\/span><\/p>\nCEO of Chimera Abu Dhabi, Seif Fikry, said: \u201cWe are thrilled to be part of Egypt\u2019s greatest fintech success story.<\/span><\/p>\n“MNT-Halan\u2019s upward trajectory and momentum reflect the management team\u2019s 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.\u201d<\/span><\/p>\nIn addition, the e-commerce fintech is set to grab $60 million in additional capital in the coming weeks.\u00a0<\/span><\/p>\nMNT-Halan said the investments \u201cdemonstrate continued confidence in its value proposition, management team, and superior technology”.\u00a0<\/span><\/p>\nThe company, established in 2018, also intends to grow internationally after making great strides in Egypt.<\/span><\/p>\nMNT-Halan operates a digital wallet that offered bill payments, e-commerce and ride-hailing.<\/span><\/p>\nHeadquartered 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.<\/span><\/p>\nWhile lending itself has been MNT-Halan\u2019s 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.<\/span><\/p>\nCEO and co-founder of MNT-Halan, Mounir Nakhla, said: \u201cWe\u2019re capitalising on our existing distribution through million-plus customers and adding services within our ecosystem.<\/span><\/p>\n\u201cIf you need a loan for your business, we\u2019re going to give you one; you need a loan for consumption, we\u2019re going to give you one; you need to order groceries or buy a mobile phone on our platform, we\u2019ll 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.\u201d<\/span><\/p>\nMNT-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.<\/span><\/p>\nMr Nakhla said: “…in the most important sector, we\u2019re 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.”<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Egyptian fintech and e-commerce ecosystem\u00a0MNT-Halan\u00a0has grabbed $400 million, with more than $200 million originating\u00a0from Chimera Abu Dhabi\u00a0in exchange for 20 per cent of the company<\/p>\n","protected":false},"author":40,"featured_media":18659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1,4106],"tags":[3973,4696],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/21039"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=21039"}],"version-history":[{"count":2,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/21039\/revisions"}],"predecessor-version":[{"id":21041,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/21039\/revisions\/21041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18659"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=21039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=21039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=21039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}