Private investing firm Chimera Abu Dhabi has bought a 20% stake in Egyptian fintech MNT-Halan for $200 million.
MNT-Halan is also in talks with investors about another $60 million raise in a deal that would value the firm at more than $1 billion. In addition, it has secured $140 million through two securitised bond issuances.
MNT-Halan is building a fintech ecosystem, providing Egypt's underbanked with business loans, consumer finance, payments and e-commerce offerings, all backed by Neuron, the company’s proprietary technology.
Founded in 2018, the firm now serves five million customers in Egypt, of which 3.5 million are financial clients and over two million are borrowers.
Mounir Nakhla, CEO, MNT-Halan, says: added, “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.”