South African fintech firm Fin has announced the completion of its acquisition of Thuthukani Housing Finance, a housing finance provider based in Pretoria. The acquisition is part of Fin's ongoing expansion into relevant finance offerings for individuals and small and medium-sized enterprises (SMEs) across its markets. Thuthukani's incremental housing finance offering has been renamed Fin Home Loans and integrated into Fin's South African portfolio. The product aims to provide middle- to lower-income Fin customers access to affordable financing, including for new builds, renovations, kitchen fittings, solar and backup systems, and more.
Fin's partner-first embedded credit strategy enables its partners to provide credit to their customers using Fin's tools and services. The acquisition of Thuthukani is an extension of this strategy, and Fin Home Loans will work with trusted partners such as building supply stores and employers to provide reliable and convenient distribution to customers.
Timothy Nuy, Co-Founder and Co-CEO of Fin
Timothy Nuy, co-founder and co-CEO of Fin, believes that the acquisition will help expand the company's distribution and options, leveraging and expanding housing finance to other regions. Meanwhile, Thuthukani founder Mark Seymour expressed excitement about integrating Thuthukani into Fin, which will enable them to scale the business and bring their offering to many more people.
Fin's successful round of funding and completed brand integration across its markets in December 2022 paved the way for this acquisition. In South Africa, the selection of services will now be known by descriptive product names, including Fin Payroll Loans, Fin Online Loans, Fin Medical Loans, Fin Cover, Fin Pay, and the newly integrated Fin Home Loans. Consolidating these separate brands under Fin South Africa will provide opportunities for cross-selling and better community engagement.
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