Today, Fin is announcing the completed acquisition of the housing finance provider Thuthukani Housing Finance (Pty) Ltd (“Thuthukani”) based in Pretoria, South Africa. This acquisition continues its expansion into all relevant finance offerings for individuals & SMEs across its markets.
Thuthukani’s incremental housing finance offering was renamed Fin Home Loans and integrated into Fin’s South African portfolio with this acquisition. 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 & backup systems and more.
The fintech’s partner-first embedded credit strategy enables its partners to use its tools and services to provide credit to their customers. The South African fintech continually identifies partners in different sectors with this need, so the Thuthukani acquisition is an extension of this strategy. Like its other products, the Home Loans works with trusted partners, including building supply stores and employers, for reliable, convenient, and scaled distribution to its customers.
Timothy Nuy, Co-Founder and Co-CEO of Fin, based in Cape Town, South Africa, says: ‘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 & SME finance products, we will expand the service’s distribution and options as we look to leverage and expand housing finance to other regions.’
Mark Seymour, the founder of Thuthukani, based in Pretoria, South Africa, says: ‘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.’
Fin’s products in South Africa
In December 2022, Fin announced a successful round of funding and completed its brand integration across its markets – Fin South Africa, Fin Kenya, and Fin Tanzania. As in the other markets, the selection of services in South Africa will be known as their descriptive product names going forward, namely:
• Fin Payroll Loans (formerly SmartAdvance) – partnering with employers to provide their employees with wage streaming and credit solutions.
• Fin Online Loans (formerly NiftyCredit) – fast and reliable credit for individuals with online applications.
• Fin Medical Loans (formerly MediFin) – financing the gap for procedures that are not covered by medical aid and financial help with medical aid shortfalls.
• Fin Cover (formerly NiftyCover) – providing cover for funerals, commuting, credit life and more, underwritten by GuardRisk.
• Fin Pay – instant payments and credit at check-out.
• The Fin Home Loans developmental housing product now complements this range of products in South Africa.
As these separate brands are consolidated under Fin South Africa as products, the opportunity for cross-selling and better community engagement grows.
Tonderai Mutesva, Co-Founder and Co-CEO, says: ‘Our latest South African acquisition, as well as the continued integration of a wide range of products into our neobanking platform, displays our strong ambition. We want to be the trusted provider to our customers throughout the continent for whatever they need financially to improve their lives and grow their business.’
About Fin
Fin (formerly Finclusion Group) is a fintech group providing simply smarter finance for everybody. Together with its partners, it provides credit, savings, insurance and more: fast, convenient and reliable.
Operating in South Africa, Kenya, and Tanzania, the fintech is building Africa’s first credit-led neobank. It is on a mission to enhance the lives of its customers through simple, convenient, and appropriate financial services. It accelerates financial inclusion throughout Sub-Saharan Africa by delivering innovative financial tech solutions for employers, employees, and SMEs. Their credit-led product offering delivers value via the following three core competencies:
Earned Wage Access: Employees can access earned and future wages through an employer distribution model.
SME Finance: They finance the growth of SMEs through secured working capital loans, asset finance, and BNPL solutions for their end customers.
Transactional Banking: Cards, savings accounts, and insurance will be available to customers within our ecosystem.
By leveraging its risk, credit, and technology expertise, the company aims to be at the forefront of the fintech sector and prides itself on its supervised machine learning and AI capabilities. These tools allow the platform to make highly informed predictions on credit applications in seconds based on financial and psychometric data.
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