Table of Contents
Key Point
- MNT-Halan, led by Mounir Nakhla, acquires Turkish lender Tam Finans, enhancing its regional fintech footprint with a $300 million loan portfolio.
- The acquisition, supported by Actera Group and EBRD, highlights MNT-Halan’s strategic push into new markets and recent $157.5 million funding boost.
- Mounir Nakhla aims to revolutionize Turkey’s financial sector by integrating Tam Finans’ capabilities with MNT-Halan’s technology and financial strength.
MNT-Halan, Egypt’s pioneering fintech startup and the nation’s first unicorn led by tech entrepreneur Mounir Nakhla, has acquired Turkish commercial finance company Tam Finans. This strategic move, facilitated by Actera Group and the European Bank for Reconstruction and Development (EBRD), underscores MNT-Halan’s aggressive expansion plans.
Ambitious expansion strategy
The acquisition of Tam Finans, which boasts a loan book exceeding $300 million, is a testament to MNT-Halan’s ambition to become a regional fintech powerhouse. Legal and financial advisors for the transaction included Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, Van Campen Liem, Clifford Chance, PWC, and BCG, according to a press release.
This acquisition follows MNT-Halan’s recent entry into the Pakistani market, showcasing its ability to replicate success across diverse geographies. The company recently secured $157.5 million from the International Finance Corporation (IFC) and existing shareholders, a significant milestone that enables further international expansion.
Synergies with Tam Finans
Mounir Nakhla, Founder and CEO of MNT-Halan, highlighted the synergies with Tam Finans, stating, “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.” Hakan Karamanlı, CEO of Tam Finans, echoed this sentiment, highlighting the potential for accelerated growth and expanded product offerings.
Turkey presents a significant market opportunity with its population of 85 million, a GDP over $1 trillion, and a low household debt-to-GDP ratio of 11.7 percent. MNT-Halan’s digital financial solutions aim to transform the banking sector for both businesses and individuals in the country.
MNT-Halan’s meteoric rise
Founded in 2018 with origins dating back to 2010, MNT-Halan has emerged as a leading fintech ecosystem under Nakhla’s leadership.
The company has expanded its customer base over 20-fold, serving more than seven million users through its Halan app. This digital platform offers a wide range of services, including loans, pre-paid cards, e-wallets, e-commerce, gold, and money market fund investments.
In 2022, MNT-Halan further expanded its portfolio with the acquisition of Talabeyah, an innovative e-commerce platform. Under Nakhla’s visionary leadership, the fintech startup achieved a valuation of over $1 billion following a funding round early last year, solidifying its status as a unicorn.
