Turkish commercial financing business Tam Finans has been bought by Egyptian fintech MNT-Halan. No transaction terms were disclosed. The transaction’s terms were kept a secret.
MNT-Halan is a financial and non-financial services provider that was founded in 2017 by Mounir Nakhla. Its services include financing, e-commerce, purchase now pay later, payments, mobility, and on-demand logistics.
Tim Finans was established in 2012 and offers trade finance services to small and newly established businesses, as well as tradespeople.
According to Nakhla, the new coalition wants to give millions of Turkish consumers and businesses access to cutting-edge financial services.
The deal comes after MNT-Halan recently expanded into Pakistan and received a fresh infusion of $157.5 million in funding.
MNT-Halan, Egypt’s largest non-bank financial institution and fintech, acquired Tam Finans, a leading Turkish commercial finance company with a loan book over US $300 million, from Actera Group, the country’s largest private equity firm, and the EBRD. No transaction terms were disclosed.
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Turkey’s 85 million people, $1 trillion GDP, and 11.7% household debt-to-GDP ratio make it a promising market. The banking sector is growing, and MNT-Halan’s digital financial solutions could revolutionise 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 capitalise on.”
After expanding into Pakistan, MNT-Halan made this acquisition, proving its scalability and diversity. The company raised $157.5 million from the IFC and existing owners DPI, Lorax Capital Partners, Apis Partners LLP funds, Lunate, and GB Corp. They invest in the Egypt-born company because they believe it can develop and expand financial services globally.
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The buyers’ lawyers were Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem, while Clifford Chance represented the sellers. Buyers received financial and business advice from PWC. Sellers received financial and promotional advice from BCG.
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.”
About MNT-Halan
MNT-Halan, was launched in 2018 to revolutionise financial services through technology. It’s innovative digital platform provides convenient, seamless, and affordable financial solutions for millions of people and ambitious enterprises. Based on innovation and simplicity for daily living, MNT-Halan believes financial access helps people achieve their goals.
About Tam Finans
TAM Finans is a creative factoring company in Istanbul. Actera Group invested in it in 2011, and EBRD owns 9.5%. After three years of development and restructuring, it grew to 39 branches in 26 Turkish cities. SME-focused factoring company Tam Finans ranks first among competitors with 20.000 active customers.
