MNT-Halan, an Egypt-based microfinance lending and payments firm, has secured $400 million in funding, the company has revealed.

The firm which describes itself as Egypt’s “leading and fastest growing FinTech ecosystem”, said that it had secured more than $200 million in equity from private equity firm Chimera Abu Dhabi in exchange for 20 per cent of the company. A further $60 million is being raised from ‘leading international investors’ including the International Finance Corporation (IFC).

MNT-Halan said that once the investments are completed its valuation will exceed $1 billion, with the interest in the company demonstrating “continued confidence in MNT-Halan’s value proposition, management team and superior technology.”

MNT-Halan has more than five million customers in Egypt – made up of 3.5 million financial clients and 2 million borrowers – and provides small- and mico-business lending, payments, consumer finance and ecommerce.

The company’s founder and chief executive officer, Mounir Nakhla, said: “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.”

In recent years, the Egyptian government has implemented a series of regulatory changes which have made it a far more attractive environment for FinTech firms and investment. As a result, the Arab world’s most populous country has become a north African hub for such companies.

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