Private investment firm Chimera Abu Dhabi has bought a 20% stake in Egyptian fintech company MNT-Halan.
Source: Pixabay.com
The value of the Egyptian firm’s 20 percent stake was $200 million. Currently, this fintech company is also negotiating with other investors to attract additional financing of $ 60 million under the new deal. If the intention of additional investments is realized, the value of the company will exceed $ 1 billion.
The firm also recently secured $140 million as a result of two issues of securitized bonds.
MNT-Halan creates a fintech ecosystem. The company focuses on interaction with low-income Egyptian banks. The firm provides loans, consumer financing, e-commerce offers, and payments to these institutions. The relevant activities are carried out with the support of Neuron, the company’s patented technology.
MNT-Halan was founded in 2018. Currently, the total number of the company’s customers is 5 million people. More than two million consumers of the firm’s services are borrowers. There are also more than 3.5 million financial clients in the company. All consumers of MNT-Halan services are residents of Egypt. The company was created for the digital banking of non-bank funds and the replacement of cash with electronic solutions
Munir Nahla, CEO of MNT-Halan, commenting on the news of the sale of shares, said that he was pleased with the prospects of the company’s activities, which are currently being traced. He noted that the growth of the firm occurs both organically and inorganically.
The CEO of the company paid special attention to the intention to promote financial products and services not only in the Egyptian market but also internationally. Munir Nahla also stated that the main activity of the company is to provide services to those consumers who do not have acceptable maintenance.
As we have reported earlier, Dubai Investments Buys Stake in Digital Bank Monument.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
