The fintech startup is now Egypt's second unicorn after the e-payment platform Fawry.

Last Wednesday, Egyptian fintech MNT-Halan announced a US$400 million funding round, which helped it achieve unicorn status.

The startup founded in 2018 by Mounir Nakhla and Ahmed Mohsen said it secured US$260 million in equity financing (equity) and US$140 million in debt financing, with securitized bond issuance last year.

A single investor, Abu Dhabi-based investment fund Chimera Investments, injected about US$200 million into the start-up in exchange for a 20% stake.

"The timing of the transaction is [...] 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," said MNT Halan CEO Mounir Nakhla.

Thanks to this new funding round, MNT-Halan becomes the second unicorn in Egypt, after the e-payment platform Fawry.

In September 2021, it raised US$120 million from several private equity funds, including Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital Partners, and venture capital funds Middle East Venture Partners, Endeavor Catalyst, and  DisruptTech. Among other things, the funds secured helped it acquire the online grocery shopping platform Talabeyah. Currently, it is the leading Egyptian lender to the unbanked with over US$2 billion of loans already disbursed.