Grace Ashiru
The South African neobank Fin has acquired the Pretoria-based fintech company Thuthukani as part of its growth strategy.
With the purchase, Fin Home Loans, Thuthukani’s extra housing finance service, will be renamed Fin Home Loans and added to Fin’s South African portfolio. The goal is to give middle- and low-income Fin clients access to affordable financing.
The neobank added that purchasing Thuthukani is part of Fin’s ongoing strategy, which aims to find partners in other businesses with this need.
Thuthukani’s founders have done a great job of putting together a much-needed development home finance option for the South African market.
Fin’s co-founder and co-CEO, Timothy Nuy, said, “The product will be called Fin Home Loans, and it will be part of our wide range of consumer and small-to-medium-sized enterprise (SME) finance products. We will expand the service’s reach and options as we look to leverage and expand housing finance to other regions.”
Thuthukani has a good chance of moving up in Fin’s ranks with this acquisition.
“I couldn’t be happier about adding Thuthukani to Fin. This lets us grow the business and reach many more people with what we offer. The founder of Thuthukani, Mark Seymour, remarked, “I’m also excited to look at all the ways the different parts of the portfolio work together.”
Fin, which used to be called Finclusion Group, raised a total of $22 million across two financing rounds so that it could start Africa’s first credit-led neobank in 2022. It has a presence in South Africa, Tanzania, and Kenya.
Our great ambition is shown by our most recent purchase in South Africa, and by the way, we are adding more and more products to our neo banking platform.
Fin co-founder and co-CEO Tonderai Mutesva said, “We want to be the trusted provider for our customers across the continent for whatever they need financially to improve their lives and grow their businesses.”
