MNT-Halan, an Egyptian non-bank financial institution and fintech, has acquired Tam Finans, a commercial finance company in Turkey.
Tam Finans, which has a loan portfolio exceeding $300m, was acquired from Actera Group, a private equity firm in Turkey, and the European Bank for Reconstruction and Development (EBRD). The terms of the deal have not been disclosed.
Turkey presents a market opportunity, with a population of 85 million, a GDP exceeding $1 trillion, and a household debt-to-GDP ratio of 11.7%. The country offers growth potential for the banking sector, and MNT-Halan’s digital financial solutions are expected to impact both businesses and individuals.
MNT-Halan 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 capitalise on.”
Tam Finans CEO Hakan Karamanlı 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.”
This acquisition follows MNT-Halan’s recent expansion into Pakistan, illustrating the scalability and diversification of its business model.
The company recently secured $157.5m in funding from the International Finance Corporation (IFC) and existing shareholders, including Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners, Lunate, and GB Corp.
This investment underscores confidence in MNT-Halan’s capacity to scale and broaden access to financial services internationally.
Legal advisers for the buyers included Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem, with Clifford Chance advising the sellers. PwC acted as financial and commercial advisers for the buyers, while BCG provided similar services for the sellers.
