Following another successful funding round, MNT Halan acquires 100 percent of market-leading Finance Company Tam Finans based in Türkiye this month.
MNT-Halan, Egypt’s largest non-bank financial institution and fintech, has acquired Tam Finans, a commercial finance company in Türkiye with a loan book exceeding USD 300 million from Private Equity Firm Actera Group and the European Bank for Reconstruction and Development. Terms of the transaction were not disclosed.
The market opportunity in Türkiye is significant, with a population of 85 million, a GDP surpassing USD 1 trillion, and a household debt-to-GDP ratio of only 11.7%. With ample growth opportunities for the banking sector, MNT-Halan’s CEO Mounir Nakhla says that its digital financial solutions promises to be transformative for businesses and individuals.
“Today, MNT-Halan joins forces with Tam Finans to provide millions of businesses and consumers access to innovative financial services in Türkiye. Combining Tam Finans’ credit models, distribution capabilities, and management team with MNT-Halan’s technology, customer-facing app, and financial muscle will help complete the product offering and give greater confidence to all its stakeholders. Türkiye and Egypt’s histories and cultures have been intertwined for hundreds of years and their current economic outlook points to a bright future that we are ready to capitalize on,” says Nakhla.
Commenting on the acquisition, Tam Finan CEO Hakan Karamanlı agrees.
“We are delighted to join the MNT-Halan family. Their core belief that financial access enables people to fulfil their dreams mirrors the same ethos we have built our company on. MNT-Halan’s scalable technology will now allow us to grow faster and take our mission to more businesses and people as we capture cross-selling opportunities through an expanded product and services offering,” says Karamanlı.
This acquisition follows shortly after MNT-Halan’s expansion into Pakistan, demonstrating the scalability and diversification of the company’s business model. The company recently raised USD 157.5 million from the IFC (International Finance Corporation) as well as existing shareholders, including DPI (Development Partners International), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp.
MNT-Halan, Egypt’s first unicorn, was founded in 2018 with a mission to improve lives by revolutionizing access to financial services through technology. Since inception, MNT-Halan claims it has disbursed over USD 4.5 billion in loans and served more than 7 million customers in Egypt. The Halan app serves over 1.5 million customers quarterly, nearly doubling its user base annually driven by Halan’s new services and the Halan Card.
MNT-Halan holds micro, consumer, and nano finance licenses from the Egyptian Financial Regulatory Authority and the first independent electronic wallet license from the Central Bank of Egypt to disburse, collect, and transfer money digitally through mobile applications. It also owns a licensed Microfinance Bank in Pakistan and has launched its activities in the UAE.
The company was awarded Most Innovative Fintech Company in the Middle East and Africa by Global Finance Magazine featuring on the Financial Times’ list of Africa’s Fastest Growing Companies for two consecutive years, and on Forbes Middle East’s ‘The Middle East’s Fintech 50’. The Egyptian subsidiary has also been granted Bronze “Client Protection” Certificate holder by the MFR Global Rating Agency (under the Cerise + SPTF framework). For more information, please click here.
Notes from the Editor: Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem were legal advisers to the buyers for the transaction, with Clifford Chance serving as legal advisor to the sellers. PWC served as financial and commercial advisers to the buyers. BCG acted as financial and commercial advisers to the sellers.