MNT-Halan Acquires Turkey’s Tam Finans to Expand Digital Financial Services

MNT-Halan, Egypt’s top fintech, has acquired Turkey's Tam Finans, a commercial finance firm with a $300M loan book, promising transformative digital financial solutions for Turkey.

MNT-Halan, Egypt’s largest non-bank financial institution and fintech, has successfully acquired Tam Finans, a prominent commercial finance company in Turkey. Tam Finans boasts a loan book exceeding US $300 million and was previously owned by Actera Group, Turkey’s leading private equity firm, and the European Bank for Reconstruction and Development (EBRD). The specific terms of the transaction have not been disclosed.

The acquisition presents a significant market opportunity in Turkey, a nation with a population of 85 million and a GDP surpassing $1 trillion. With a household debt-to-GDP ratio of only 11.7%, there is substantial room for growth in the banking sector. MNT-Halan’s suite of digital financial solutions aims to revolutionize financial access for businesses and individuals in Turkey.

MNT-Halan’s founder and CEO, Mounir Nakhla, expressed his enthusiasm about the acquisition, stating, “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, CEO of Tam Finans, shared his excitement, saying, “We are delighted to join the MNT-Halan family. Their core belief that financial access enables people to fulfill 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 comes shortly after MNT-Halan’s expansion into Pakistan, underscoring the scalability and diversification of the company’s business model. Recently, MNT-Halan raised $157.5 million from the International Finance Corporation (IFC) and existing shareholders, including Development Partners International (DPI), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. This continued investment demonstrates confidence in the Egypt-born company’s ability to scale and extend financial services across borders.

For the transaction, Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem served as legal advisers to the buyers, while Clifford Chance acted as the legal advisor to the sellers. PWC provided financial and commercial advice to the buyers, and BCG served as financial and commercial advisers to the sellers.