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 Fin's expansion into all relevant finance offerings for individuals & SMEs across its markets.
With this acquisition, Thuthukani's incremental housing finance offering was 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 & backup systems and more.
Fin's partner-first embedded credit strategy enables its partners to use Fin's tools and services to provide credit to their customers. Fin is continually identifying partners in different sectors with this need, and as such, the Thuthukani acquisition is an extension of this strategy. Like other Fin products, Fin 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, founder of Thuthukani (now Fin Home Loans), 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.'
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 by Fin) - partnering with employers for wage streaming and credit solutions to their employees.
• Fin Online Loans (formerly NiftyCredit by Fin) - 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 by Fin) - providing cover for funerals, commuting, credit life and more, underwritten by GuardRisk.
• Fin Pay (formerly e-Fin) - 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 of Fin, based in Nairobi, Kenya, 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.'
With its offerings ranging from credit to insurance and savings, Fin aims to be simply smarter finance for all its clients.
