MNT-Halan, Egypt’s largest non-bank financial institution and FinTech, has acquired Tam Finans, a prominent commercial finance company in Turkey.
The acquisition of Tam Finans is driven by the substantial market opportunity in Turkey, a country with a population of 85m and a GDP exceeding $1tn.
The move is aimed at leveraging MNT-Halan’s digital financial solutions to transform financial access for both businesses and individuals in Turkey. The financial terms of the deal were not disclosed.
MNT-Halan, established as a major player in the Egyptian FinTech space, offers a range of digital financial solutions tailored to diverse customer needs. Their services include payments, lending, and financial management tools designed to drive financial inclusion.
Tam Finans, on the other hand, is a key commercial finance company in Turkey with a robust loan book exceeding $300m. The company is recognised for its strong credit models and distribution capabilities, which complement MNT-Halan’s technological and financial resources.
The acquisition follows MNT-Halan’s recent expansion strategy, which includes their recent foray into Pakistan. This move highlights the scalability and versatility of MNT-Halan’s business model.
The company recently secured $157.5m from the International Finance Corporation (IFC) and other investors, signalling strong support for its international expansion and growth ambitions.
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.”
Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem acted as legal advisers to MNT-Halan in the transaction, while Clifford Chance advised the sellers. PWC served as financial and commercial advisers to MNT-Halan, and BCG provided similar services to the sellers.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
