Egyptian financial services provider MNTHalan valued at $1B in $400M funding
- On average, businesses access $1,000 worth of loans while paying a 25% annual interest on the platform; Nakhla noted the fintech maintains a healthy nonperforming loan ratio without disclosing its figure.The two securitizations, totaling $140 million, that MNT-Halan secured last year are behind its impressive lending operations.
- According to the Egyptian startup, its digital ecosystem serves more than 5 million customers in Egypt, of which 3.5 million are financial clients and over 2 million are borrowers.
- “If you need a loan for your business, we’re going to give you one; you need a loan for consumption, we’re going to give you one; you need to order groceries or buy a mobile phone on our platform, we’ll deliver it to you via our e-commerce stores.
- The company also wants to extend grocery shopping — in addition to other e-commerce stores selling electronics and personal items — to individual customers.“We’re capitalizing on our existing distribution through million-plus customers and adding services within our ecosystem,” said the chief executive.
- The fintech claims to have made over $300 million in revenue last year, representing a modest 3.4x multiples on its unicorn valuation which aligns with the present public market calculations as previously reported by TechCrunch.
- MNT-Halan’s upward trajectory and momentum reflect the management team’s realization of its extraordinary vision to transform a high-touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment.”Why Africa had no unicorns last year despite record fundraising haul
Egyptian fintech and ecommerce ecosystem MNTHalan has raised up to $400 million in equity and debt financing from local and global investors as it continues to serve underbanked and unbanked custom [+6658 chars]