Egyptian fintech company MNT-Halan has taken a significant step in its international expansion by acquiring Tam Finans, a leading commercial finance company in Turkey, boasting a loan book that exceeds US$300 million.
MNT-Halan, founded in 2018, set out with the mission to digitally bank the unbanked and replace cash transactions with electronic solutions. The company has built a comprehensive digital ecosystem that includes small and micro-business lending, consumer finance, pre-paid cards, e-wallets, savings, payments, and e-commerce services. With over 2.2 million active users each quarter, MNT-Halan has disbursed more than US$4.4 billion in loans, serving over seven million customers across Egypt.
The company’s move into Turkey marks a pivotal moment in its growth strategy. Just last month, Techmoonshot reported that MNT-Halan was gearing up for international expansion following a successful capital raise of US$157.5 million. Wasting no time, the fintech giant has executed its plan by acquiring Tam Finans from Actera Group, Turkey’s leading private equity firm, and the European Bank for Reconstruction and Development (EBRD). The acquisition, though the terms remain undisclosed, strategically aligns resources and expertise.
“Today, MNT-Halan joins forces with Tam Finans to provide millions of businesses and consumers access to innovative financial services in Turkey. By combining Tam Finans’ credit models, distribution capabilities, and experienced management team with MNT-Halan’s advanced technology, user-friendly app, and robust financial resources, we are poised to enhance our product offering and instill greater confidence among all stakeholders,” said MNT-Halan’s founder and CEO Mounir Nakhla.
Read also: Egyptian Fintech MNT-Halan Raises $157.5M for Market Expansion.
Nakhla also highlighted the longstanding historical and cultural ties between Turkey and Egypt, noting that the countries’ intertwined pasts and promising economic outlooks present a bright future that MNT-Halan is eager to capitalize on. This acquisition not only solidifies MNT-Halan’s position in the fintech space but also underscores its commitment to expanding its footprint across the MENA region and beyond.
