MNT-Halan has raised EGP 3.4 billion, about USD 71.4 million, through its seventh securitized bond issuance to fund continued lending expansion. Managed by Commercial International Bank and CI Capital, the deal sits within a three-year, EGP 8 billion securitization program approved by Egypt’s Financial Regulatory Authority. The transaction underscores sustained investor confidence and the company’s deliberate pivot toward repeatable access to debt capital.
Deal Structure and Program Context
The bonds were issued in five tranches with maturities ranging from six to 36 months and carried credit ratings from MERIS, giving investors a spread of duration and risk profiles. By converting loan receivables into investable notes, MNT-Halan quickly recycles cash into new originations while avoiding equity dilution. The company also tapped public debt markets in May for USD 49 million through similar instruments, signaling a steady issuance cadence under the broader program.
Funding Strategy and Market Position
Founded in 2018 as a ride-hailing service for two- and three-wheelers, MNT-Halan has evolved into a fintech platform that operates Egypt’s largest lender to the unbanked. Its super app connects consumers, merchants, and micro-enterprises with lending, payments, logistics, and related services that require substantial working capital. In an inflationary environment that elevates demand for credit, securitization provides a scalable funding backbone that aligns with the firm’s growth ambitions.
A Pattern of Debt-Led Scaling
Securitization has become the core of MNT-Halan’s funding engine, enabling recurring access to liquidity as the loan book expands. The company’s capital stack has included notable prior raises, including USD 200 million in equity and USD 140 million in debt in 2023, which reinforced its unicorn valuation. Bank partners have framed the latest issuance as support for consumer finance activity in Egypt, reflecting expectations that regulated non-bank lending will continue to drive market depth and competition.
Competitive Context and Market Signals
MNT-Halan is not alone in adopting this model, as peer platforms such as valU have executed multiple securitizations since 2021 to support growth. Debt programs offer larger, repeatable tranches than most venture rounds, allowing fintech lenders to scale originations while reserving equity for technology and expansion needs. The successful placement of a seventh issuance indicates investors view the asset quality and servicing performance as sufficient to sustain continued access to capital.
Outlook and Risks
Reliance on securitization also concentrates the business on the health of credit markets, interest-rate conditions, and borrowers’ repayment capacity. Continued performance of the underlying receivables, along with disciplined underwriting and collections, will be essential to maintain ratings and pricing across future tranches. With an approved multi-year program in place, execution discipline and portfolio quality will likely determine the pace and cost of subsequent issues.
The new USD 71.4 million securitized bond extends MNT-Halan’s strategy of using public debt markets to fund a fast-growing lending franchise. By leaning on structured finance, the company preserves equity while matching capital inflows to loan demand across its super app ecosystem. Investor appetite, regulatory oversight, and asset performance will remain the key variables shaping how far and how quickly this model can scale.