MNT-Halan, Egypt’s pioneering fintech business and the country’s first unicorn, led by tech entrepreneur Mounir Nakhla, has acquired Turkish commercial finance firm Tam Finans. This strategic move, facilitated by Actera Group and the European Bank for Reconstruction and Development (EBRD), demonstrates MNT-Halan’s ambitious expansion intentions.
The acquisition of Tam Finans, which has a loan book of over $300 million, demonstrates MNT-Halan’s aim to become a regional fintech powerhouse. According to the news release, the transaction’s legal and financial consultants were Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, Van Campen Liem, Clifford Chance, PWC, and BCG.
This acquisition comes after MNT-Halan’s recent foray into the Pakistani market, demonstrating its capacity to repeat success across other geographies. The company raised $157.5 million from the worldwide Finance Corporation (IFC) and current owners, paving the way for worldwide expansion.
Mounir Nakhla, Founder and CEO of MNT-Halan, emphasized the synergies with Tam Finans, saying, “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 of its stakeholders.” Tam Finans CEO Hakan Karamanlı expressed optimism for the company’s future expansion and product offers.
Turkey’s 85 million people, GDP of more than $1 trillion, and low household debt-to-GDP ratio of 11.7% make it a considerable market opportunity. MNT-Halan’s digital financial solutions are intended to transform the banking system for both enterprises and individuals in the country.
Founded in 2018 but with roots dating back to 2010, MNT-Halan has evolved as a major fintech ecosystem under Nakhla’s leadership.
The company’s customer base has grown by 20 times, with over seven million people using its Halan app. This digital platform provides a variety of services, such as loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments.
In 2022, MNT-Halan increased its portfolio by acquiring Talabeyah, an innovative e-commerce platform. Under Nakhla’s leadership, the financial startup reached a valuation of over $1 billion during a funding round early last year, confirming its unicorn status.