Fresh from raising $157.4 million, 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).
“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.”
🇪🇬FUNDING | Egyptian Fintech Unicorn, MNT-Halan, Raises a Further $157 Million After Achieving Over 20x Customer Growth
The company, which achieved unicorn status in 2023 after attracting $400 million in the largest funding round in Egypt and the Middle East that year, has… pic.twitter.com/DZrdLyMxLw
— BitKE (@BitcoinKE) July 25, 2024
The European nation presents a market opportunity for MTN-Halan given its population of 85 million, a GDP surpassing $1 trillion, and a household debt-to-GDP ratio of only 11.7%.
“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,” said Hakan Karamanlı, Tam Finans’ CEO.
Just in March 2024, MNT-Halan acquired Advans Pakistan Microfinance Bank Limited, the Pakistan branch of Advans Group, a leading international microfinance group that operates in nine developing countries.
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.
The company, which achieved unicorn status in 2023 after attracting $400 million in the largest funding round in Egypt and the Middle East that year, has raised over $520 million over the last two yers.
Egyptian Fintech, MNT Halan, Now Africa’s 9th Unicorn Valued at Over $1 Billion After $400 Million in Fundinghttps://t.co/BDqhWwlXM0#W3A #Web3 #Web3news #web3Africa #Web3community #Africa #Web30Africa #Egyptian #Fintech #MNTHalan #Africa #Funding
— web3africa.eth (@W3ATech) February 8, 2023
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
_____________________________________
_____________________________________
