Egyptian digital finance platform MNT-Halan has reached a valuation of $1.4 billion following the first closing of its current fundraising round led by Al Ahly Capital, the investment arm of the National Bank of Egypt. This significant milestone marks a substantial increase from its previous valuation of $1 billion in 2023. The company, founded by Mounir Nakhla, operates in multiple countries, including Egypt, Turkey, Pakistan, and the UAE.
The latest funding round, which will see Al Ahly Capital acquire an equity stake, is notable for being the first instance of a commercial bank taking direct ownership in the fintech. Although the exact amount contributed by Al Ahly Capital was not disclosed, the investment is part of the company's broader financing effort, with a second closing slated to follow. MNT-Halan aims to utilize the new funds to scale its Egyptian operations and expand into additional Gulf markets.
MNT-Halan's platform offers a range of financial services, including credit for smartphones, commercial and personal vehicles, and other needs. To date, the company reports serving over four million users across its operating markets. The deal reflects a broader trend of Egyptian regulators encouraging collaboration between banks and non-bank financial service providers to boost digital inclusion.
The investment by Al Ahly Capital aligns with its private-equity strategy to back high-growth firms that advance financial inclusion and economic development. This approach is in line with the goals of Egyptian regulators, who have been promoting partnerships between banks and fintech companies to enhance financial services and inclusion.
MNT-Halan's expansion plans are part of a larger strategy to broaden its footprint across the Gulf region. The company already operates in several countries, including Egypt, Turkey, Pakistan, and the UAE, which it entered in 2024. With the new funding, MNT-Halan is well-positioned to pursue further growth and development in these markets.
The company's previous valuation of $1 billion in 2023 was based on a $150 million raise that included investors such as Chimera Abu Dhabi and the International Finance Corporation. This earlier investment helped MNT-Halan achieve significant growth, and the latest funding round is expected to drive further expansion and innovation.
The partnership between MNT-Halan and Al Ahly Capital highlights the growing importance of fintech in Egypt and the broader region. As digital finance continues to evolve, collaborations between banks and fintech companies are likely to play a crucial role in promoting financial inclusion and driving economic growth.
Key points
- MNT-Halan reaches $1.4 billion valuation with Al Ahly Capital investment.
- The investment marks the first instance of a commercial bank taking direct ownership in the fintech.
- MNT-Halan plans to use the funds to scale its Egyptian operations and expand into Gulf markets.
