South African Neobank, Fin has acquired the Pretoria-based fintech firm Thuthukani as part of its development plans.
To provide middle- to lower-income Fin clients with access to affordable financing, Fin Home Loans, Thuthukani’s additional housing finance service will be renamed to Fin Home Loans through the acquisition and integration into Fin’s South African portfolio.
This is a means to provide finance for middle-to-lower income Fin clients, as the company continues to identify partners in different sectors with this need, and as such, the Thuthukani acquisition is an extension of this strategy.
“Thuthukani’s leadership did a fantastic job of developing a much-needed development home finance option for the South African market. As we strive to leverage and grow housing finance to new locations, we will increase the service’s distribution and alternatives under the product name Fin Home Loans and as part of our broad portfolio of consumer & SME finance products’’, said Timothy Nuy, co-founder and co-CEO of Fin.
Nonetheless, Thuthukani stated its excitement and a means for them to genuinely boost their productivity, proving that Fin’s choice was not parasitic.
“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.
Based on the statement made above, the acquisition presents Thuthukani with a good opportunity to scale within Fin’s ranks and reach a larger audience.
An overview of Fin and its program
Fin, originally Finclusion Group, raised $22 million in two investment rounds in 2022 to establish Africa’s first credit-led neobank. It is now found in South Africa, Tanzania, and Kenya.
“Our recent South African purchase and the ongoing addition of a variety of products to our neobanking platform demonstrate our high aspirations.” Tonderai Mutesva, co-founder and co-CEO of Fin, continued, “We want to be the trusted provider to our consumers throughout the continent for anything they need financially to enhance their lives and build their businesses.”
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