Egyptian fintech company MNT-Halan has expanded into Turkey by acquiring Tam Finans, a leading commercial finance company in Turkey with a loan book exceeding US$300 million.
Founded in 2018, MNT-Halan was created to digitally bank the unbanked and substitute cash with electronic solutions. The MNT-Halan digital ecosystem includes small and micro business lending, payments, consumer finance, and e-commerce.
The MNT-Halan digital ecosystem includes small and micro-business lending, consumer finance, pre-paid cards, e-wallets, savings, payments, and e-commerce. With over 2.2 million quarterly active users, MNT-Halan has disbursed over US$4.4 billion in loans and served more than seven million customers in Egypt.
Disrupt Africa reported last month the company was set for international expansion after raising US$157.5 million in capital, and it has immediately moved forward with that plan by acquiring Tams Finans from Actera Group, Turkey’s leading private equity firm, and the European Bank for Reconstruction and Development (EBRD). The terms of the transaction were not disclosed.
“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,” said MNT-Halan’s founder and CEO Mounir Nakhla.
“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 capitalise on.”
