MNT-Halan, a leading Egyptian fintech unicorn, has announced its strategic expansion into the Turkish market through the acquisition of Tam Finans, a prominent commercial bank in Turkey.
This acquisition marks a significant milestone in MNT-Halan’s growth strategy, positioning the company to broaden its financial services footprint beyond Egypt.
Tam Finans is one of Turkey’s leading financial companies, providing a range of commercial banking services, including lending, payments, and financial solutions tailored to small and medium-sized enterprises (SMEs). With its strong capital structure, with an equity of more than TL 1 billion, the bank is among the leading companies in the country, with a strong financial structure and innovative approach leveraging technology.
Tekedia Mini-MBA edition 15 (Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
By acquiring Tam Finans, MNT-Halan aims to leverage its technology and expertise to enhance and expand the bank’s offerings, integrating innovative fintech solutions to better serve customers in Turkey.
Speaking on the acquisition, 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.”
Also commenting, Hakan Karamanl?, 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.”
MNT-Halan’s expansion into Turkey represents a critical step in its broader strategy to become a leading fintech player in the Middle East and North Africa (MENA) region, as well as to explore new markets with high growth potential.
This acquisition comes after the fintech unicorn expansion into Pakistan this year March, after it acquired Advans Pakistan Microfinance Bank, demonstrating the scalability and diversification of the company’s business model. Also, it recently raised US $157.5 million from the IFC (International Finance Corporation) as well as existing shareholders.
Founded in 2017 by Mounir Nakhla, MNT-Halan offers a diverse portfolio of financial and non-financial services ranging from lending, buy now pay later, e-commerce, payments, and mobility to on-demand logistics.
Its recent acquisition of Tams Finans, aligns with its mission to democratize financial services across emerging markets, providing accessible and affordable financial products. Notably, the acquisition will enable the company to introduce digital lending, payments, and other fintech services in Turkey, replicating its successful model in Egypt and further solidifying its presence in the region.