Egyptian fintech MNT-Halan has confirmed its purchase of Tam Finans, a major player in Turkey’s commercial finance sector. The acquisition, which involves acquiring Tam Finans from the Actera Group and the European Bank for Reconstruction and Development (EBRD), is a crucial part of MNT-Halan’s strategy for expansion. The financial specifics of the agreement have not been disclosed.
Established in 2017 by Mounir Nakhla, MNT-Halan is a non-bank financial institution, delivering a wide array of services such as lending, e-commerce, payments, and logistics. Meanwhile, Tam Finans, which began operations in 2012, has made a significant impact in Turkey by offering trade finance solutions to tradespeople, small and medium-sized enterprises (SMEs), and startups. The company’s loan portfolio is said to surpass US $300 million.
“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,” said Mounir Nakhla, CEO of MNT-Halan.
“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,” commented Tam Finans CEO Hakan Karamanlı.
The acquisition follows MNT-Halan’s recent entry into the Pakistani market and a successful fundraising effort that raised $157.5 million from investors, such as the International Finance Corporation (IFC) and other key players. This development highlights the company’s goal to expand its operations and enhance access to financial services internationally.
The 11.7% household debt-to-GDP ratio in Turkey points to substantial growth potential within the banking sector.
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