South African company Fin, which is building Africa’s first credit-led neobank as it bids to accelerate financial inclusion throughout Sub-Saharan Africa, has completed the acquisition of the housing finance provider Thuthukani and integrated it as Fin Home Loans.
Launched in mid-2018 by co-founders and co-CEOs Timothy Nuy and Tonderai Mutesva, Fin – which was Finclusion Group until announcing a rebrand as part of a US$2 million funding round late last year – has developed a product offering that focuses on creating value for employers, employees, and consumers while closing the credit gap that persists on the continent.
The acquisition of Thuthukani, based in Pretoria, continues Fin’s expansion into all relevant finance offerings for individuals and SMEs across its markets. Thuthukani’s incremental housing finance offering has been renamed to Fin Home Loans and integrated into Fin’s South African portfolio. Fin Home Loans’ aim will remain to give middle-to-lower income Fin customers access to affordable finance. Supported projects range from new builds and renovations to fitting a kitchen, solar and backup systems, and more.
“The leadership of Thuthukani has done an excellent job in building up a needed development housing finance offering for the South African market. Under the product name Fin Home Loans and as part of our wide portfolio of consumer and SME finance products, we will expand the service’s distribution and options as we look to leverage and expand housing finance to other regions,” Nuy said.
“I could not be more excited about integrating Thuthukani into Fin: this enables us to scale the business and bring our offering to many more people. I am also keen to explore all the synergies within the wider portfolio,” said Mark Seymour, founder of Thuthukani.
