MNT-Halan Raises $49M Via Egypt’s Largest Corporate Bond Issuance
TLDR
- Egyptian fintech unicorn MNT-Halan has completed a landmark EGP2.5 billion (US$49 million) corporate bond issuance, said to be the largest in Egypt to date
- The bond, rated BBB+ by Middle East Ratings and Investor Services (MERIS), is structured in two tranches
- Founded in 2018, MNT-Halan operates a digital ecosystem focused on financial inclusion through small business lending, payments, consumer finance, and e-commerce
Egyptian fintech unicorn MNT-Halan has completed a landmark EGP2.5 billion (US$49 million) corporate bond issuance, said to be the largest in Egypt to date. The bond, rated BBB+ by Middle East Ratings and Investor Services (MERIS), is structured in two tranches: EGP2 billion with a 12-month term and EGP500 million with a 36-month term.
Founded in 2018, MNT-Halan operates a digital ecosystem focused on financial inclusion through small business lending, payments, consumer finance, and e-commerce. The company has disbursed over $11 billion in loans and serves more than 8 million users globally.
“This issuance reflects the strength of our financial position and creates a strategic new funding avenue,” said CEO Mounir Nakhla. The move comes just months after MNT-Halan raised $157.5 million in equity funding, further reinforcing its balance sheet as it expands its reach in Egypt and beyond.
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Key Takeaways
MNT-Halan’s successful bond issuance marks a significant shift in Egypt’s fintech funding landscape, where venture capital has typically dominated. The move into corporate debt markets allows the company to diversify its capital structure, reduce dilution, and access a broader pool of institutional investors. The bond’s investment-grade rating signals investor confidence in MNT-Halan’s operational performance and loan portfolio quality. With Egypt’s inflation and interest rates still high, accessing local debt at scale is challenging, making the bond’s completion a notable achievement. The issuance also opens doors for other high-growth tech companies to tap domestic capital markets. As fintechs mature, blending equity and debt could become a more common strategy to fuel growth while maintaining founder and investor equity positions. For MNT-Halan, the bond is both a financial tool and a signal of readiness for more sophisticated capital market participation in the future.
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