MNT-Halan, Egypt’s largest non-bank financial institution and fintech, has acquired Tam Finans, one of Turkey’s leading commercial finance companies with a loan portfolio exceeding US$300 million, from the country’s leading private equity firm Actera Group and the European Bank for Reconstruction and Development (EBRD).
Egypt’s first and only unicorn is expanding further internationally after a successful fundraising round. Egypt-based MNT-Halan is making a strategic move that significantly increases its revenues, total addressable market, and ability to provide financial solutions tailored to needs. Turkey is a country with a significant market opportunity, with a population of 85 million, a GDP of over $1 trillion, and a household debt-to-GDP ratio of only 11.7 percent. With ample growth opportunities for the banking sector, MNT-Halan’s digital financial solutions promise to be transformative for individuals and businesses.
Mounir Nakhla, Founder and CEO of MNT-Halan “Today, MNT-Halan is joining forces with Tam Finans to provide access to innovative financial services for millions of businesses and consumers in Turkey. Combining Tam Finans’ credit models, distribution capacity and management team with MNT-Halan’s technology, customer-facing application and financial strength will help complete the product offering and provide greater confidence to all stakeholders. The histories and cultures of Turkey and Egypt have been intertwined for centuries, and their current economic outlook points to a much brighter future. We are poised to benefit from this,” he said.
Hakan Karamanlı, CEO of Tam Finans“We are delighted to join the MNT-Halan family. Their core belief that financial access enables people to achieve their dreams reflects the same values we built our company on. MNT-Halan’s scalable technology will now help us grow faster and deliver our mission to more businesses and people while creating cross-sell opportunities with expanded product and service offerings,” he said.
The acquisition, which comes shortly after MNT-Halan expanded into Pakistan, demonstrates the scalability and diversity of the company’s business model. The company recently raised $157.5 million from IFC (International Finance Corporation) and existing shareholders, DPI (Development Partners International), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate and GB Corp. The continued investment reflects confidence in the Egypt-based company’s ability to scale and expand access to financial services across borders.
Maatouk Bassiouny & Hennawy, Esin Attorney Partnership and Van Campen Liem served as legal advisors to the buyers on the transaction. Clifford Chance served as legal advisor to the sellers. PWC served as general counsel with Barclays serving as financial and commercial advisor to the buyers. BCG served as financial and commercial advisor to the sellers.
Source: www.technopat.net
