This brings their total funding for 2023 to over $400 million, underscoring their growth and investor confidence.
Egyptian fintech company MNT-Halan, the country's first fintech unicorn, has secured $130 million in funding through a securitisation deal. This brings their total funding for 2023 to over $400 million, underscoring their growth and investor confidence.
Founded in 2018, MNT-Halan's core mission is to provide digital financial services to the unbanked population in Egypt. They offer a range of services, including small and micro-business lending, consumer finance, payment processing, and e-commerce solutions. With over 1.5 million quarterly active users and seven million customers, the company has achieved unicorn status with a valuation surpassing $1 billion. The success of their bond issuances can be attributed to their robust business model, high-quality loan portfolio, and strong repayment performance.
The securitisations have received positive ratings, with short-term tranches rated Prime 1 and long-term tranches ranging from A to A+ by MERIS (Middle East Rating & Investor Service). Notable financial institutions - including CIB, CI Capital, Al Ahli Bank of Kuwait, Al Baraka Bank, and Arab African International Bank - have actively participated in these funding rounds.
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