Finance Abu Dhabi-backed Egyptian fintech raises $160m By Pramod Kumar July 22, 2024, 4:17 AM Clay Banks/Unsplash The fintech has disbursed more than $4.4 billion and has 2.2 million quarterly active users Egyptian fintech MNT-Halan, backed by Chimera Abu Dhabi, a private investment company, has raised $157.5 million to support regional expansion. The International Finance Corporation, the World Bank’s private investment arm, invested $40 million in the fundraising round. The remaining was contributed by Lunate, an Abu Dhbai-based asset management company, Development Partners International, Lorax Capital Partners, funds managed by Apis Partners, Lunate and GB Corp. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week The new funding follows $400 million raised by the startup in February 2023, making it Egypt’s first unicorn with a market value of more than $1 billion. Chimera Abu Dhabi invested over $200 million in equity in exchange for over 20 percent stake in the fintech. “While Egypt remains our primary market, we are committed to revolutionising access to financial services through technology beyond Egypt’s borders,” said startup founder and CEO Mounir Nakhla. No expansion details were given. MNT-Halan has disbursed more than $4.4 billion and has 2.2 million quarterly active users. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
