CAIRO, June 9 (Reuters) - MNT-Hala told Reuters it has successfully completed the first closing of a $30 million strategic investment round from a funding round of more than $70 million, raising the company's valuation to $1.4 billion.

Al Ahli Capital, the investment arm of the National Bank of Egypt, led the funding round alongside international institutional investors. This marks the first time a commercial bank has invested in Egypt's largest fintech platform.

Founded in 2018, MNT-Hala became the first fintech unicorn in Egypt after exceeding a market valuation of $1 billion. The company has provided over $15.5 billion in loans and served more than eight million customers worldwide since its inception.

The company stated that the majority of the proceeds from this round will be directed towards expanding its operations in the Egyptian market, and these funds will support regional growth plans in Turkey, Pakistan and the UAE, in addition to plans for further expansion in the Gulf countries.

“This is the first time a national banking institution has become an equity partner in the company, which makes this step extremely important in our journey,” said Mounir Nakhleh, founder and chairman of MNT-Hala, without disclosing the size of Al Ahli Capital’s stake.

He added, "This investment reflects confidence in the company and is evidence of the strong relationship between the banking sector and the non-banking financial services sector."

Karim Saada, CEO and Managing Director of Al Ahli Capital, said, "We believe that MNT-Hala has the potential to capitalize on the promising opportunities in Egypt and the region."