MNT-Halan, the Egyptian fintech powerhouse and the first company in the country to surpass a billion-dollar valuation, has announced its entry into the UAE market. This move marks a pivotal moment in the company’s ongoing regional expansion, bringing its financial technology services to one of the Gulf Cooperation Council’s (GCC) most dynamic economies.
The launch begins with “Halan Advance,” an early salary access service designed to offer employees rapid, secure, and compliant access to their wages through a fully digital platform. The initiative reflects MNT-Halan’s broader strategy to deliver innovative, technology-driven financial solutions to individuals and businesses underserved by traditional banking services. The company has outlined plans to expand its suite of offerings in the UAE, leveraging its comprehensive financial platform to enhance financial inclusion and economic empowerment.
The UAE has been a long-standing target for MNT-Halan due to its robust financial sector, high penetration of digital technologies, and diverse population. With over 3.7 million expatriate workers in the UAE earning a collective monthly income exceeding AED 10 billion ($2.7 billion), the market presents significant opportunities. Many of these workers face barriers to accessing traditional banking services, creating a substantial demand for alternative financial solutions. MNT-Halan aims to address these gaps by offering services in credit, payments, and investments.
According to Mounir Nakhleh, Chairman and CEO of MNT-Halan, the UAE’s economy and demographic composition make it a key market for advancing financial inclusion. “The GCC is a strong hub for financial innovation, and launching our services in the UAE represents a significant step in our regional expansion. With a GDP exceeding USD 500 billion and a rapidly growing population, the UAE is pivotal for our mission to enhance financial inclusion and transform lives,” Nakhleh said.
Since its UAE debut in April 2024, MNT-Halan has signed agreements with leading companies and onboarded more than 40,000 clients. The company aims to grow this figure to 250,000 by the end of 2025. Omar Ramadan, Managing Director of Halan in the GCC, noted the enthusiastic reception of Halan Advance: “We have been delighted with the rapid uptake and positive feedback from businesses and employees alike. This is just the beginning of what we plan to offer in the UAE in terms of innovative and user-friendly solutions to empower individuals and businesses.”
MNT-Halan’s operations in the UAE are fully compliant with the Central Bank’s regulations, ensuring that its services meet the highest standards of security and reliability. This adherence to regulatory frameworks underscores the company’s commitment to delivering trusted financial solutions in new markets.
MNT-Halan’s entry into the UAE comes on the heels of a $157.5 million funding round in July, led by a $40 million investment from the International Finance Corporation (IFC). This latest capital injection builds on $520 million raised over the past two years from investors such as Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. The funding has reinforced the company’s financial position, enabling it to pursue its ambitious growth objectives across the GCC and beyond.
Backed by global institutional investors, including the Abu Dhabi sovereign fund Lunate, MNT-Halan has rapidly scaled its operations. The company’s focus on financial inclusion, technological innovation, and regional expansion has made it a leading player in the Middle East’s fintech landscape.
MNT-Halan’s foray into the UAE indicates its vision of transforming financial services across emerging markets. By targeting expatriate workers and other underserved segments, the company is poised to address significant gaps in the financial ecosystem. As it scales its operations and expands its offerings, MNT-Halan’s entry into the UAE is likely to serve as a springboard for further growth across the GCC and beyond.