Egyptian Fintech entrepreneur Mounir Nakhla's MNT-Halan hits $1.4 billion valuation

Egyptian fintech unicorn MNT-Halan has reached a $1.4 billion valuation following the first closing of a new investment round led by Al Ahly Capital, the investment arm of the National Bank of Egypt, in a transaction that marks the first time a commercial bank has taken an equity position in the company founded by Mounir Nakhla in 2018.

Al Ahly Capital manages over $2.5 billion in assets under management. The investment amount and the specific equity stake acquired were not disclosed. A second closing is expected as part of the ongoing round.

The deal is significant beyond the valuation milestone. While MNT-Halan has worked with over 30 Egyptian banks and financing institutions, this is the first time a commercial bank has become an equity partner, Nakhla said in a statement. The entry of the National Bank of Egypt's investment vehicle as a shareholder signals a shift in how Egypt's conventional banking sector is engaging with its most successful fintech operator — from lender and distribution partner to co-owner.

"I am extremely happy to have Al Ahly Capital, the investment subsidiary of Egypt's largest bank, as a shareholder in the company. Together, we will redefine access to financial services for small and micro businesses, as well as people living in remote towns and villages across Egypt who have historically been underserved," Nakhla said.

The company will channel the bulk of the proceeds into expanding its Egypt business, targeting SMEs and historically underserved populations in remote towns and villages, while also backing regional expansion across the Gulf and broader Middle East and North Africa markets.

MNT-Halan was founded in 2018 and became Egypt's first fintech unicorn in early 2023 after securing a $400 million funding round that pushed its valuation past $1 billion. The latest round lifts that valuation by 40 percent and comes as the company has transformed itself from a ride-hailing app into one of the most comprehensive non-bank financial services platforms in the region.

MNT-Halan has provided more than $15.5 billion in financing since launch, serving over 8 million customers globally with a comprehensive NBFI and e-wallet license stack. The platform spans consumer and business lending, payments, e-wallets, savings, investments and e-commerce financing through its Halan app and a network of physical outlets across Egypt.

The company's regional expansion accelerated in 2024 after it acquired Advans Pakistan Microfinance Bank and Turkish commercial finance company Tam Finans, giving it a specialized bank serving micro and small enterprises in Pakistan and a $300 million loan portfolio in Turkey. It entered the UAE market in December 2024 and has been building its Gulf presence since.

The round follows a $157.7 million raise in July 2024 that was earmarked for international expansion, meaning MNT-Halan has now secured two major capital events in under two years as it pursues a target of growing its financing portfolio to between $4.5 billion and $5 billion by the end of 2026, up from $3.5 billion projected for 2025.

The transaction comes as consumer finance volumes climbed 57 percent year-on-year to 96.3 billion Egyptian pounds ($1.97 billion) by the end of 2025, while financing to micro, small and medium enterprises and microfinance clients rose 24 percent to 106.9 billion Egyptian pounds ($2.18 billion). MNT-Halan is operating in a domestic market experiencing one of its fastest consumer credit expansions on record, driven by Egypt's entry into a monetary easing cycle and rising middle-class demand for digital financial services.

Al Ahly Capital's managing director said the investment reflected conviction in the company's regional growth potential, the quality of its management team and its proven ability to execute an ambitious strategy. The transaction included Matouk Bassiouny and Hennawy as legal advisers and Al Ahly Pharos as financial adviser to MNT-Halan, while Van Campen Liem served as legal adviser and Baker Tilly as financial and tax adviser to Al Ahly Capital.

For MNT-Halan, the NBE's investment arm as an equity partner gives the company access to the distribution infrastructure and institutional credibility of Egypt's largest bank at precisely the moment it is scaling toward becoming a regional financial services platform. The second closing of the round, when completed, will determine the full extent of Al Ahly Capital's commitment.