Egyptian fintech unicorn that provides lending, payments, and e-commerce services to the unbanked population in Egypt, MNT-Halan, has raised a $130M securitization, bringing its total securitizations this year to $400 million.
The company announced that it has secured fine tranches of securitized bond issuances this year, with the latest US$ 130 million securitization which was done through local investment bank CI Capital.
MNT-Halan has obtained much of the finance this year by securitizing its loan book, now worth $650 million and growing by 4 to 5% a month.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
The recent securitizations, gives the Fintech company a unicorn status, with a valuation of over US$1 billion. It also announced that is targeting to secure another US$150 million by year-end in December.
MNT-Halan said the appetite for these issuances reflected the resilience of its business model, “the high quality of its loan book, and a robust pay-back ability of the underlying loan book.
The company’s founder and CEO Mounir Nakhla said,
“We are seeing very strong demand for off-balance sheet funding as we enter 2024. This is primarily a result of, the high quality of our underwriting. This gives us great comfort as our loan book of US$650 million is growing at four-five percent month-over-month. We are excited to continue launching new digital financial products in Egypt and beyond”.
About MNT-Halan
Founder in 2018 with its headquarters in Cairo, MNT-Halan is Egypt’s leading fintech startup and is the largest and fastest-growing lender to the unbanked and underbanked.
The startup initially launched as a ride-sharing and delivery app, but due to its focus on commerce and lending, it had to shut down its ride-hailing operations which was one of its core offerings.
In 2022, it announced the acquisition of Talabeyah, a B2B e-commerce platform that offers FMCG supplies directly to small merchants, retailers, and consumers, meeting all their requirements with next-day delivery.
The startup digital ecosystem includes small and micro business lending, payments, consumer finance, and e-commerce. It serves more than 5 million customers in Egypt, of which 3.5 million are financial clients and over 2 million are borrowers.
With a diversified portfolio of services and innovative solutions; including digital payment solutions: mobile wallets and cards. MNT-Halan has an Unparalleled BNPL E-commerce platform for home appliances and the FMCG sector.
Notably, MNT-Halan has obtained the micro, consumer and nano finance licenses from the Financial Regulatory Authority enabling it to provide services to both businesses and consumers across Egypt.
It has also obtained the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect and transfer money digitally through mobile applications.
MNT Halan investors include CHIMERA, Lorax Capital Partners, Battery Road Digital, algebraventures, endeavor Egypt, Middle East Venture Partners, Wamda, Shaka, and DPI.