An Egyptian fintech company, MNT-Halan, is now offering its services in the United Arab Emirates (UAE) with its new product, “Halan Advance,” which allows employees to access a portion of their salary in advance.
Having found success in Egypt, Turkey, and Pakistan, MNT-Halan plans to introduce credit, payments, and investment products in the Gulf region. The company has been preparing for this expansion since April 2024, forming partnerships with employers and acquiring over 40,000 customers.
MNT-Halan, known for providing financial services like loans and e-commerce solutions, aims to cater to the UAE’s 3.7 million underbanked individuals by leveraging the country’s robust economy and high smartphone usage.
Since its establishment in 2018, MNT-Halan has issued over $4.4 billion in loans and boasts 2.2 million quarterly active users. In 2022, the company exceeded $300 million in gross revenue.
After achieving unicorn status, MNT-Halan has been focusing on expansion. It recently acquired Advans Group in Pakistan, a microfinance bank, and Tam Finans in Turkey to enhance its micro-lending and factoring services.
This expansion follows a $157.5 million funding round and the company’s entry into the Turkish market in July, aiming to support its growth beyond Egypt.