Egypt's MNT-Halan Attains Unicorn Status with US$400 Million Raised in Securitization Issuances
MNT-Halan has become Egypt’s first unicorn after announcing a raise of over $400 million securitizationion issuances this year, solidifying its position as a leading player in the region’s financial technology sector.
The latest tranche of $130 million was secured through CI Capital, bringing MNT-Halan’s total funding to over $1 billion, granting it unicorn status.
Founded in 2018 to digitally bank the unbanked and substitute cash with electronic solutions, MNT-Halan has rapidly expanded its reach and impact.
The company’s digital ecosystem encompasses small and micro business lending, payments, consumer finance, and e-commerce, serving over seven million customers in Egypt.
The compansecuritizationtion issuances have been met with strong investor demand, reflecting the resilience of its business model, the high quality of its loan book, and the robust pay-back ability of its underlying assets.
“We are seeing very strong demand for off-balance sheet funding as we enter 2024,” said founder and CEO Mounir Nakhla.
“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 per cent month-over-month. We are excited to continue launching new digital financial products in Egypt and beyond.”
All of MNT-Hasecuritizationsations have been rated Prime 1 for the short-term tranches, while the longer-term tranches varied between A and A+ by MERIS (Middle East Rating & Investor Service).
In addition to CIB and CI Capital, participating regional and local financial institutions included Al Ahli Bank of Kuwait, Al Baraka Bank, Arab African International Bank, Arab African Investment Management, Midbank, Misr Asset Management, SAIB Bank, ABC Bank, Arab International Bank, Banque Misr and the Housing and Development Bank.
MNT-Halan’s achievement of unicorn status marks a significant milestone for the company and the Egyptian fintech industry. The company’s success demonstrates the potential of innovative financial technology solutions to drive financial inclusion and economic growth in Egypt and beyond.
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