Fin, a South African fintech company, has completed the acquisition of South African housing finance provider Thuthukani Housing Finance. This takeover continues Fin’s expansion into all relevant finance offerings for individuals & SMEs across its markets.
With this acquisition, Thuthukani has now been renamed 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.
The firm’s partner-first embedded credit strategy enables its partners to use Fin’s tools and services to provide credit to their customers. The firm is continually identifying partners in different sectors with this need, and as such, the Thuthukani acquisition is an extension of this strategy. Like other of the firm’s 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 said ‘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, 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.’