MNT-Halan expands into Turkey with Tam Finans acquisition

By Gloria Methri

Egyptian FinTech MNT-Halan has acquired Tam Finans, a Turkish commercial finance company with a loan book exceeding $300 million, from Actera Group and the European Bank for Reconstruction and Development (EBRD).

This acquisition follows MNT-Halan’s recent expansion into Pakistan, demonstrating the scalability and diversification of the company’s business model.

A few days ago, the company raised $157.5 million from the IFC (International Finance Corporation) and existing shareholders, including DPI (Development Partners International), Lorax Capital Partners, and funds managed by Apis Partners LLP, Lunate, and GB Corp.

Commenting on the transaction, MNT-Halan’s Founder and CEO, Mounir Nakhla, said, “Today, MNT-Halan joins forces with Tam Finans to provide millions of businesses and consumers access to innovative financial services in Turkey. 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. Turkey 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.”

The market opportunity in Turkey is significant, with a population of 85 million, a GDP surpassing $1 trillion, and a household debt-to-GDP ratio of only 11.7%. With ample growth opportunities for the banking sector, MNT-Halan’s digital financial solutions promise to be transformative for businesses and individuals.

Hakan Karamanlı, Tam Finans’ CEO, said, “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.”