Egyptian fintech unicorn MNT-Halan has announced the successful completion of a landmark EGP2.5 billion (US$49 million) corporate bond issuance, the largest of its kind in the Egyptian market to date.
Founded in 2018, MNT-Halan was created to digitally bank the unbanked and substitute cash with electronic solutions. The MNT-Halan digital ecosystem includes small and micro business lending, payments, consumer finance, and e-commerce.
Since inception, MNT-Halan has disbursed over US$11 billion in loans and served more than 8 million customers globally. It has also become a unicorn, raising several significant funding rounds, most recently a US$157.5 million round back in March.
The corporate bond issuance, which received an investment grade BBB+ rating from Middle East Ratings and Investor Services (MERIS), is divided into two tranches – the first tranche was valued at EGP2 billion (US$39 million) with a term of 12 months, and the second tranche was valued at EGP500 million (US$10 million) with a term of 36 months.
“Issuing the largest corporate bond in Egypt marks a significant milestone for MNT-Halan. It reflects not only the ambition and capability of our management team, but also the strength of our financial position and operational performance,” said Mounir Nakhla, founder and CEO of MNT-Halan.
“More importantly, it opens a strategic new funding channel that we intend to leverage as we continue to scale. It’s been a complex and demanding process, and we’re proud to have delivered it successfully.”
