Egyptian fintech startup MNT-Halan has become Africa’s newest unicorn after raising $400 million in debt and equity funding, raising its valuation to well over $1 billion.
The latest funding round was led by Abu Dhabi–based Chimera Investments, which channeled about $200 million into the startup. The investment is in exchange for 20% of the Egyptian digital financial services provider. The company is also reportedly at advanced stages of banking $60 million in additional capital in the coming weeks.
“We are thrilled to be part of Egypt’s greatest fintech success story,” Seif Fikry, CEO at Chimera Abu Dhabi, said. MNT-Halan was initially a ride-hailing company but pivoted to fintech, offering business lending, payments, consumer finance, and e-commerce services.
The company reports that it has 1.3 million monthly active users. In Egypt, the MTN-Halan has more than five million customers including nearly two million borrowers.
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. At the time, it had served over 4 million and disbursed more than $1.7 billion worth of loans since inception.
“These investments demonstrate continued confidence in MNT-Halan’s value proposition, management team, and superior technology, and will also enable international growth,” the company said in a statement.
The new valuation now places MNT-Halan alongside other tech startups valued at more than $1 billion which include Flutterwave, Chipper Cash, Opay, Andela, Fawry, Wave, Interswitch, and Jumia.