Egyptian unicorn, MNT-Halan, is expanding its services to the United Arab Emirates (UAE) market. Its first offering, “Halan Advance,” allows employees to access a portion of their salary in advance.
Building on its success in Egypt, Turkey, and Pakistan, MNT-Halan plans to introduce credit, payments, and investment products to the Gulf region subsequently. MNT-Halan has been prepping fopr this expansion since April 2024, partnering with employers and acquiring over 40,000 customers.
The company, which provides financial services, including loans, and e-commerce services, aims to serve the UAE’s 3.7 million underbanked individuals by leveraging the country’s strong economy and high smartphone adoption.
Since it was founded in 2018, it has issued over $4.4 billion in loans and has 2.2 million quarterly active users. In 2022, MNT-Halan surpassed $300 million in gross revenue.
After attaining unicorn status, the company has focused on expansion. In March 2024, it acquired Advans Group in Pakistan, a microfinance bank with over 62,000 clients and 19 branches. Later, in July, MNT-Halan acquired Tam Finans, a Turkish company, to enhance its micro-lending and factoring services.
The expansion follows MNT-Halan’s $157.5 million funding round and its entry into the Turkish market in July. The funds aim to fuel the company’s growth beyond Egypt.
