Egyptian unicorn MNT-Halan lifts valuation to $1.4bn

MNT-Halan, an Egyptian fintech startup, has increased its valuation to $1.4 billion.

The business became a unicorn – a privately held startup valued at more than $1 billion – in 2023. The latest increase followed an investment round led by Al Ahly Capital, the investment arm of the National Bank of Egypt, the company said in a statement.

The majority of the proceeds will support MNT-Halan’s expansion in Egypt and its regional growth strategy.

It currently operates in Egypt and Turkey and owns a specialised bank serving micro and small enterprises in Pakistan.

Last September Omar Ramadan, CEO of MNT-Halan GCC, told AGBI that the startup was expanding in the UAE with plans to enter Saudi Arabia, targeting low-income and underserved customers.

Founded by Mounir Nakhla, MNT-Halan offers business and consumer lending, payments, e-wallets, savings, investments and e-commerce services.

Fintech continues to be a big draw for venture capital backers in the region, with five startups from the sector raising $105.7 million in May, about a quarter of the total invested, according to figures compiled by Wamda.

Startups in the Middle East and North Africa raised a combined $455 million across 33 deals in May, a 76 percent year-on-year increase. The UAE dominated with $379 million and 15 deals, followed by Saudi Arabia with $70 million across 11 deals and Egypt with $5 million and three deals.

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