MNT-Halan, an Egypt-based fintech super app startup has announced its completion of securitized bond issuance at $150 million of its loan book, as the first tranche of its $600 million deal with Egypt's Commercial International Bank (CIB).
- The deal's proceeds will be invested in growing the startup's lending business lines and entering new markets.
- MNT evolved from a ride-hailing startup in 2018 to super app fintech services linking merchants, vendors, customers, and SMEs through its app, lending and payment software, payment solutions, and logistics.
- Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Agricultural Bank of Egypt, and the Housing and Development Bank participated in the deal.
- The startup last raised a $120 million investment in 2021 to fund its product development and international expansion.