MNT-Halan Expands Into Turkey With the 100% Acquisition of Market-leading Finance Company Tam Finans
26 July 2024 - 5:43PM
Business Wire
─Following another successful fundraising
round, Egypt’s first and only unicorn expands further
internationally–
─Strategic move materially increases Egypt-born
MNT-Halan’s revenues, total addressable market, and its ability to
deliver transformative financial solutions–
MNT-Halan, Egypt’s largest non-bank financial institution and
fintech, has acquired Tam Finans, a leading commercial finance
company in Turkey with a loan book exceeding US $300 million, from
Actera Group, the country’s leading private equity firm, and the
European Bank for Reconstruction and Development (EBRD). Terms of
the transaction were not disclosed.
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Hakan Karamanlı, Tam Finans CEO (left);
Mounir Nakhla, MNT-Halan Founder and CEO (right).
The market opportunity in Turkey is significant, with a
population of 85 million, a GDP surpassing US $1 trillion, and a
household debt-to-GDP ratio of only 11.7%. With ample growth
opportunities for the banking sector, MNT-Halan’s digital financial
solutions promise to be transformative for businesses and
individuals.
Commenting on the transaction, MNT-Halan’s Founder and CEO
Mounir Nakhla said, “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, Tam Finans’ CEO, said, “We are delighted to
join the MNT-Halan family. Their core belief that financial access
enables people to fulfil 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 follows shortly after MNT-Halan’s expansion
into Pakistan, demonstrating the scalability and diversification of
the company’s business model. The company recently raised US $157.5
million from the IFC (International Finance Corporation) as well as
existing shareholders, including DPI (Development Partners
International), Lorax Capital Partners, funds managed by Apis
Partners LLP, Lunate, and GB Corp. Their continued investment
reflects confidence in the Egypt-born company’s ability to scale
and expand access to financial services across borders.
Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and
Van Campen Liem were legal advisers to the buyers for the
transaction, with Clifford Chance serving as legal advisor to the
sellers. PWC served as financial and commercial advisers to the
buyers. BCG acted as financial and commercial advisers to the
sellers.
About MNT-Halan
MNT-Halan, Egypt’s first unicorn, was founded in 2018 with a
mission to improve lives by revolutionizing access to financial
services through technology. MNT-Halan provides business and
consumer loans, pre-paid cards, e-wallets, savings and e-commerce
services through the Halan app and nationwide physical presence.
Since inception, MNT-Halan has disbursed over US $4.5 billion in
loans and served more than 7 million customers in Egypt. The Halan
app serves over 1.5 million customers quarterly, nearly doubling
its user base annually driven by Halan’s new services and the Halan
Card. MNT-Halan holds micro, consumer, and nano finance licenses
from the Egyptian Financial Regulatory Authority and the first
independent electronic wallet license from the Central Bank of
Egypt to disburse, collect, and transfer money digitally through
mobile applications. MNT-Halan owns a licensed Microfinance Bank in
Pakistan and has launched its activities in the UAE. The company
has received many accolades, including being awarded Most
Innovative Fintech Company in the Middle East and Africa by Global
Finance Magazine featuring on the Financial Times’ list of Africa’s
Fastest Growing Companies for two consecutive years, and on Forbes
Middle East’s ‘The Middle East’s Fintech 50’. The Egyptian
subsidiary has also been granted Bronze “Client Protection”
Certificate holder by the MFR Global Rating Agency (under the
Cerise + SPTF framework). For more information, please visit the
company’s website at www.mnt-halan.com.
About Tam Finans
Tam Finans is one of Turkey’s leading commercial finance
companies that has been operating since 2012 and with a factoring
license by the Banking Regulation and Supervision Agency. Tam
Finans is among the leading companies in the sector with a strong
financial structure, robust risk management practices, and an
innovative, technology-driven approach. Tam Finans has one of the
most qualified tech teams in their field and has developed their
proprietary scoring system that enables them to swiftly underwrite
loans to all businesses from tradesmen to SMEs and large-scale
companies while maintaining a high-quality loan book. With a
widespread service network, Tam Finans has disbursed more than US
$6 billion since inception and currently disburses more than US $50
million to tens of thousands of customers monthly. As the only
factoring company to hold all three ISO 9001, ISO 10002, and ISO
27001 certifications, it is a leader in globally recognized service
quality. Tam Finans was acquired in 2024 by MNT-Halan.
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version on businesswire.com: https://www.businesswire.com/news/home/20240726752409/en/
Investor Relations: Andre Valavanis avalavanis@mnt-halan.com
Communications: Hannah Burns +1 917 365 2601
Ben Cope +44 750 340 8251 mnthalan@eternapartners.com