The Egyptian fintech and e-commerce company, MNT-Halan, has just made history by becoming the country’s second unicorn! In a tough VC funding market, MNT-Halan has managed to secure a whopping $400 million in equity and debt financing at a $1 billion valuation. 

The round includes $260 million in equity financing and $140 million in debt funding through two securitized bond issuances secured within the past year. About $200 million of the investment came from Abu Dhabi–based Chimera Investments in exchange for 20% equity. 

Last year, MNT-Halan raised $120 million from private equity firms, including Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital

Partners, and venture capitalists such as Middle East Venture Partners, Endeavor Catalyst and DisruptTech. Now, MNT-Halan is also in the advanced stages of raising $60 million, 40 million of which will reportedly come from the International Finance Corporation.

That’s a lot of money…

Yes, it is, and for good reason. MNT-Halan is currently Egypt’s leading lender to the unbanked; it has disbursed over $2 billion, according to its website. This innovative company goes beyond just lending, as it has created a digital ecosystem of products, including e-commerce, FMCG delivery, and mobile POS payments, that often provide customers individual and corporate for its lending business. 

MNT-Halan has big plans for the future, as it intends to add a debit card to the suite of services offered to its 5 million customers by the end of March. The company is also actively seeking opportunities to consolidate its position in the country’s fintech and e-commerce market through mergers and acquisitions.

Now, Egypt holds two of the continent’s nine unicorns: Fawry, and MNT-Halan. 

Techcabal