Chimera Abu Dhabi backs Egyptian fintech business
MNT-Halan, an Egyptian fintech business, has announced that private investment firm Chimera Abu Dhabi has invested more than $200 million in equity in exchange for over 20% of the company.
In addition, the company is in advanced stages with international investors to raise $60 million of primary capital. Following the completion of these investments, MNT-Halan’s valuation will exceed $1 billion.
This funding follows a $120 million investment in Q3 2021 by other major global and regional growth investors, including Development Partners International (DPI), Apis Growth Fund II and Lorax Capital Partners.
MNT-Halan’s digital ecosystem includes business loans, consumer finance, payments and e-commerce, all of which are backed by Neuron, the company’s proprietary technology.
Seif Fikry, CEO of Chimera Abu Dhabi, said, “We are thrilled to be part of Egypt’s greatest fintech success story. MNT-Halan’s upward trajectory and momentum reflect the management team’s realisation 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.”
MNT-Halan founder and CEO, Mounir Nakhla added, “As one of the region’s premier and most progressive investors, Chimera Abu Dhabi brings a unique and dedicated understanding of our business. Having the backing of Chimera Abu Dhabi is of significant support to the execution of our strategy. The timing of the transaction is also a testament to our ability to significantly increase our revenues and open new revenue streams while growing our bottom line, despite the macro-economic situation. I am excited for what lies ahead as we continue to grow both organically and inorganically by offering cutting edge financial products and services locally and internationally to empower the underserved.”