For an unknown fee, MNT-Halan acquired the business from the European Bank for Reconstruction and Development (EBRD) and private equity firm Actera Group.

The action was taken in response to the Giza-based company's announcement last week of a $157.5 million investment round intended to support its development plans.

Mounir Nakhla, the company's founder and CEO, stated at the time that a combination of collaborations and M&As would support the company's aspirations for international development.

MNT-Halan claims to have found a "significant" market potential in Turkey while announcing the takeover agreement, noting "ample growth opportunities for the banking sector."

Through the Halan app, MNT-Halan offers a variety of financial services to consumers and companies, including as loans, e-wallets, pre-paid cards, savings accounts, and e-commerce services.

With its recent acquisition, Tam Finans will be able to expand its scope of work by offering microlending and factoring services, which are aimed mostly at SMEs and have issued over $6 billion in loans thus far.

"MNT-Halan's technology, customer-facing app, and financial muscle combined with Tam Finans' credit models, distribution capabilities, and management team will help complete the product offering and give greater confidence to all its stakeholders," says Nakhla.

Not only has MNT-Halan expanded into Turkey, but it has also established itself again in Pakistan thanks to the fintech's microfinance bank license.