MNT-Halan, the Egyptian fintech unicorn valued at over $1 billion, has announced its acquisition of Tam Finans, a leading Turkish microfinance and SME lending platform. This strategic move marks MNT-Halan’s entry into the Turkish market and significantly expands its footprint in the region.
The financial details of the acquisition remain undisclosed, but the deal includes an equity component, with Tam Finans’ existing owners, Actera Group and the European Bank for Reconstruction and Development (EBRD), becoming shareholders in MNT-Halan.
This acquisition is part of MNT-Halan’s broader expansion strategy, fueled by a recent $157.5 million funding round. The company has been actively growing its services, which include lending, payments, e-commerce, and more. This move into Turkey aligns with MNT-Halan’s vision to provide financial services to underserved populations across the region.
Tam Finans, known for its innovative invoice factoring services and a robust digital lending platform, has disbursed over $300 million in loans to more than 20,000 active businesses in Turkey. This expertise complements MNT-Halan’s existing micro and small business lending operations and opens up new opportunities for growth in the Turkish market.
Mounir Nakhla, CEO of MNT-Halan, expressed his enthusiasm for the acquisition, stating, “Turkey represents a significant market opportunity for us, with a large unbanked population and a thriving SME sector. Tam Finans’ strong presence and technological capabilities make them an ideal partner for our expansion.”
The combined entity resulting from this deal will have a loan book of “slightly less than $1 billion,” according to Nakhla. This solidifies MNT-Halan’s position as a major player in the fintech landscape in the Middle East and North Africa (MENA) region.
MNT-Halan’s ambitious growth plans do not stop at Turkey. The company recently acquired a microfinance bank in Pakistan and is actively exploring further expansion opportunities in the region. With a diverse product portfolio and a strong track record of serving millions of customers, MNT-Halan is poised to make a significant impact on the financial inclusion landscape in emerging markets.
This acquisition marks a pivotal moment in MNT-Halan’s journey, as it leverages its technological prowess and financial resources to expand its reach and impact. The company’s commitment to financial inclusion and innovation is set to transform the lives of millions of individuals and businesses across the region.