MNT-Halan, a fintech unicorn out of Egypt, is on a consolidation march. The microfinance and payments startup has raised $157.5 million in funding and is using the money in part to fund the acquisition of another fintech, Tam Finans, to expand into Turkey.
Tam Finans provides financing to micro-enterprises and SMEs. It currently operates 39 branches in 26 cities across Turkey and claims to hold a 40% market share in the country. The combined entity resulting from this deal will have a loan book of “slightly less than $1 billion,” according to the CEO of MNT-Halan, Mounir Nakhla.
Exact financial terms of the deal were not disclosed, but one component of the deal was in shares: Actera, one of Turkey’s largest private equity firms, and the London-based European Bank for Reconstruction and Development (EBRD) jointly own Tam Finans MNT-Halan, and both will become shareholders in MNT-Halan.
This latest funding comes about 19 months after MNT-Halan raised $400 million in equity and debt, which valued the company at $1 billion after one of the backers, Chimera Investments, acquired a 20% stake for $200 million.
MNT-Halan is not disclosing its exact valuation with this latest round except to note that it is now over $1 billion. Tam Finans had raised over $30 million since its inception, primarily through debt, according to PitchBook.
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