MNT-Halan, one of Egypt’s largest non-bank financial institutions and fintech, has acquired Tam Finans, a leading commercial finance company in Turkey with a loan book exceeding USD 300 million, from Actera Group, one of the country’s leading private equity firms, and the European Bank for Reconstruction and Development (EBRD). Terms of the transaction were not disclosed.
The market opportunity in Turkey is significant, with a population of 85 million, a GDP surpassing USD 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.
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.”
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.”
This acquisition follows shortly after MNT-Halan’s expansion into Pakistan, demonstrating the scalability and diversification of the company’s business model. The company recently raised USD 157.5 million from the IFC (International Finance Corporation) as well as existing shareholders, including DPI (Development Partners International), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. Their continued investment reflects confidence in the Egypt-born company’s ability to scale and expand access to financial services across borders.
Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem were legal advisers to the buyers for the transaction, with Clifford Chance serving as legal advisor to the sellers. PWC served as financial and commercial advisers to the buyers. BCG acted as financial and commercial advisers to the sellers.
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