MNT-Halan, Egypt’s largest non-bank financial institution and fintech, has acquired Tam Finans, a prominent commercial finance company in Turkey with a loan portfolio exceeding US $300 million. The acquisition was made from Actera Group, Turkey’s leading private equity firm, and the European Bank for Reconstruction and Development (EBRD). Financial terms of the deal were not disclosed.
Turkey presents a significant market opportunity with its 85 million inhabitants, a GDP over US $1 trillion, and a household debt-to-GDP ratio of just 11.7%. The expansion aligns with MNT-Halan’s strategy to leverage its digital financial solutions to transform the market for both businesses and individuals.
MNT-Halan’s Founder and CEO, Mounir Nakhla, commented, “We are excited to integrate Tam Finans into our operations and extend innovative financial services to millions in Turkey. By combining Tam Finans’ robust credit models and distribution network with MNT-Halan’s advanced technology and financial strength, we aim to enhance our offerings and build stronger stakeholder confidence. The historical and cultural ties between Turkey and Egypt, coupled with a promising economic outlook, present a great opportunity that we are eager to seize.”
Tam Finans CEO, Hakan Karamanlı, added, “Joining MNT-Halan is a significant milestone for us. Their commitment to expanding financial access resonates with our mission. MNT-Halan’s scalable technology will enable us to accelerate growth and offer our services to a broader audience, capitalizing on new cross-selling opportunities.”
This acquisition follows MNT-Halan’s recent expansion into Pakistan, underscoring the scalability and diversification of its business model. The company recently secured US $157.5 million in funding from the International Finance Corporation (IFC) and existing investors, including DPI, Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. This investment reflects strong confidence in MNT-Halan’s capacity to scale and enhance financial service access across regions.
Legal advisories for the transaction included Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem for the buyers, while Clifford Chance advised the sellers. Financial and commercial advisory roles were fulfilled by PWC for the buyers and BCG for the sellers.
About MNT-Halan
Founded in 2018, MNT-Halan is Egypt’s first unicorn, dedicated to revolutionizing financial services through technology. The company offers business and consumer loans, pre-paid cards, e-wallets, savings, and e-commerce services through its Halan app and a nationwide presence. MNT-Halan has disbursed over US $4.5 billion in loans and served more than 7 million customers in Egypt. The Halan app reaches over 1.5 million users quarterly and is rapidly expanding. MNT-Halan holds various licenses from the Egyptian Financial Regulatory Authority and the Central Bank of Egypt. The company also operates a licensed Microfinance Bank in Pakistan and has launched activities in the UAE. MNT-Halan has received numerous accolades, including being named the Most Innovative Fintech Company in the Middle East and Africa by Global Finance Magazine and appearing on the Financial Times’ list of Africa’s Fastest Growing Companies and Forbes Middle East’s ‘Fintech 50’. For more information, visit www.mnt-halan.com.
About Tam Finans
Tam Finans, established in 2012, is one of Turkey’s leading commercial finance companies. It holds a factoring license from the Banking Regulation and Supervision Agency and is recognized for its strong financial structure, robust risk management, and innovative technology-driven approach. Tam Finans has a highly qualified tech team and a proprietary scoring system that enables rapid loan underwriting for businesses of all sizes. The company has disbursed over US $6 billion since its inception and provides over US $50 million in monthly loans to thousands of customers. Tam Finans is certified with ISO 9001, ISO 10002, and ISO 27001, demonstrating its commitment to service quality.
