MNT-Halan has closed an initial $30 million tranche of a $70 ​million-plus funding ⁠round, valuing the company at $1.4 billion and marking ‌the first time a commercial bank has taken an equity ​stake in Egypt's largest fintech platform, the company told Reuters.

Al Ahly ​Capital, the ​investment arm of the National Bank of Egypt, led the round alongside international institutional investors.

Founded in ⁠2018, MNT-Halan has become Egypt's first fintech "unicorn" - achieving a valuation of more than $1 billion. It has disbursed more than $15.5 billion in loans and served ​more than 8 ‌million customers ⁠globally since ⁠inception.

Most of the proceeds will be used to expand operations ​in Egypt, with the remainder supporting ‌growth in Turkey, Pakistan and the ⁠UAE, as well as plans to expand further across the Gulf.

"This is the first time a commercial bank has become an equity partner in our journey," said Mounir Nakhla, MNT-Halan's founder and chairman, without disclosing the size of the stake.

"This investment is a powerful vote of confidence ‌and a testament to the strong ties between ⁠the banking sector and the NBFI (non-banking ​financial institution) space."

Al Ahly Capital Chief Executive Karim Saada said MNT-Halan was "well positioned to capitalise on the ​significant opportunities that ‌exist across Egypt and the wider ⁠region."

(Reporting by Alexander ​Dziadosz and Mohamed Ezz. Editing by Mark Potter)