Egypt’s MNT-Halan expands into Turkey with acquisition of Tam Finans
Egyptian fintech MNT-Halan has acquired commercial finance company Tam Finans and its $300 million loan book to expand its operations into Turkey.
Egypt’s MNT-Halan buys Tam Finans in Turkey
MNT-Halan has bought the company from private equity firm Actera Group and the European Bank for Reconstruction and Development (EBRD) for an undisclosed sum.
The move comes after the Giza-based firm announced a $157.5 million funding round last week to help drive its expansion efforts.
At the time, founder and CEO Mounir Nakhla said the company’s plans for international expansion would be powered through a mix of both M&As and partnerships.
Announcing the acquisition deal, MNT-Halan says it has identified a “significant” market opportunity in Turkey, citing “ample growth opportunities for the banking sector”.
MNT-Halan provides a range of financial services to both businesses and consumers through the Halan app, including loans, pre-paid cards, e-wallets, and savings and e-commerce services.
Its new purchase is set to complement this remit with micro-lending and factoring services, which are primarily targeted at SMEs and through which Tam Finans claims to have disbursed more than $6 billion to date.
“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,” comments Nakhla.
In addition to its expansion into Turkey, MNT-Halan has also recently secured a new footing in Pakistan, enabled by the microfinance bank licence the fintech holds there.
