Egypt’s MNT-Halan Hits $1.4 Billion as Its Biggest Bank Buys In

EGYPT · BUSINESS

MNT-Halan, Egypt’s largest fintech, has reached a $1.4 billion valuation after the investment arm of the National Bank of Egypt took its first-ever equity stake in the company. The deal turns one of MNT-Halan’s lenders into a shareholder, a notable vote of confidence from the heart of Egypt’s banking establishment.

What the MNT-Halan deal involves

The valuation comes from the first close of a new funding round led by Al Ahly Capital. That firm is the investment arm of the National Bank of Egypt, the country’s largest state-owned lender.

An initial $30 million has been raised, part of a round the company expects to top $70 million. A second close is planned, and the exact size of the stake has not been disclosed.

At $1.4 billion, the price tag confirms MNT-Halan’s standing as one of the most valuable technology companies in North Africa. It is a marked step up for a business that reached unicorn status in 2023, when it raised $200 million in a round that valued it at $1 billion.

Even without the full terms, the structure is telling. A new investor setting a $1.4 billion mark gives existing backers a fresh, higher benchmark for the company’s worth.

Why a bank taking equity matters

MNT-Halan has worked with more than 30 Egyptian banks and financing institutions over the years. Until now, those relationships were about credit, with the banks lending money the fintech then put to work.

This is different. For the first time, a commercial bank has become a shareholder, taking a direct interest in how the company grows.

That shift says something about how Egypt’s financial establishment now sees fintech. Rather than treating digital lenders as rivals to be kept at arm’s length, the country’s biggest bank is buying into one.

It also gives MNT-Halan something money alone cannot buy. A state-linked anchor shareholder lends weight and stability as the company courts larger international investors.

The move mirrors a global pattern. Around the world, established banks have shifted from competing with fintechs to investing in them, buying access to technology and younger customers.

From a Cairo app to four countries

MNT-Halan was founded by Mounir Nakhla in 2018. It runs a single app, Halan, backed by a network of physical outlets across Egypt.

Through that platform it offers consumer and business lending, payments, e-wallets, savings, investments and financing for online sellers. The model is built around customers and small merchants that conventional banks have often overlooked.

That focus has given MNT-Halan real scale. The platform serves millions of customers, which has made it the largest fintech in Egypt.

The company has since pushed well beyond Egypt. It operates in Türkiye, owns a specialised bank serving micro and small businesses in Pakistan, and entered the United Arab Emirates in 2024.

That spread makes MNT-Halan less an Egyptian story than a regional one. It now sits across some of the fastest-growing consumer-finance markets between North Africa and South Asia.

Egypt’s fintech moment

The deal lands as Egypt works to draw fresh private capital after years of currency strain and reform. A homegrown fintech raising money at a higher valuation is exactly the kind of signal officials want global investors to notice.

The financial-inclusion angle is central to its appeal. Tens of millions of Egyptians remain underserved by traditional banks, and lenders that reach them through a phone have room to grow.

For international investors weighing frontier markets, the story is familiar but powerful. Young populations, low banking penetration and rising smartphone use are turning African and Middle Eastern fintech into a magnet for capital.

Egypt has been trying to channel that enthusiasm into its capital markets, with a pipeline of share sales planned for the year. A well-funded fintech with a state bank on its register fits neatly into that narrative.

The next test is the second close of the round, and whether MNT-Halan converts its new bank backer into faster expansion. For now, Egypt’s biggest lender has placed a clear bet on its biggest fintech.

Frequently Asked Questions

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.