In an effort to speed up financial inclusion across Sub-Saharan Africa, the South African business Fin has finished the acquisition of housing financing provider Thuthukani and merged it as Fin Home Loans. Fin is developing Africa’s first credit-led neobank.
Timothy Nuy and Tonderai Mutesva, co-founders and co-CEOs of Fin, which was formerly known as Finclusion Group until announcing a rebrand as part of a US $2 million funding round late last year, launched the company in the middle of 2018. Fin has created a product offering that focuses on generating value for employers, employees, and consumers while bridging the credit gap that still exists on the continent.
Fin’s growth into all pertinent financing solutions for people and Businesses across its markets is continued with the purchase of Thuthukani, a Pretoria-based company. The additional house loan product from Thuthukani has been rebranded as Fin Home Loans and added to Fin’s South African portfolio. The goal of Fin Home Loans will continue to be to provide middle- to lower-income Fin clients with access to reasonable financing. The projects that are supported include new construction, remodeling, installing a kitchen, installing 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.
