MNT-Halan Acquires Pakistani Advans Microfinance Bank
Advans is a publicly traded corporation that operates inside Pakistan's microfinance banking sector.
Egypt-based fintech MNT-Halan has acquired Advans Microfinance Bank Limited in Pakistan.[1]
The acquisition process, initiated with a share purchase agreement signed in August 2023, received approval from the State Bank of Pakistan (SBP) in October of the same year.
MNT-Halan is a financial and non-financial services provider that was founded in 2017 by Mounir Nakhla. Its services include financing, e-commerce, buy now, pay later (BNPL), payments, mobility, and on-demand logistics. Meanwhile, Advans is a publicly traded corporation that operates inside Pakistan's microfinance banking sector.
To support its goals for worldwide expansion, MNT-Halan raised up to $400 million in debt and equity financing in February 2023.[2]
The transaction consists of $140 million in securitized bond issuances secured within the last year and $260 million in equity financing. With these investments, MNT-Halan has a post-money valuation of approximately $1 billion.
Chimera Investments, located in Abu Dhabi, contributed a significant portion of the equity, roughly $200 million, in exchange for 20% of the Egyptian digital lender and e-commerce platform.