Date: 3 May 2023

Fin Acquires Thuthukani Housing Finance

Fin Acquires Thuthukani Housing Finance

Fin, formerly Finclusion, a leading African neobanking platform, has acquired Thuthukani Housing Finance as part of its expansion plans. The acquisition will enable the impact-orientated financial institution to offer clients a holistic ecosystem for their financial well-being. Thuthukani will be integrated into Fin’s South African portfolio and rebranded to Fin Home Loans.

The synergies that come with the acquisition and integration of Thuthukani into Fin enable the company to offer its customers a high-impact portfolio, which includes SME finance and affordable housing products, whilst expanding the company’s distribution network.

Fin Home Loans’ target market is middle to lower-income customers who are financially excluded from the formal banking system. Supported projects include new builds and renovations to fitting kitchens, solar & backup systems.

The acquisition is on the back of an overall integration of its brand across its operational markets, which is now Fin in all of its operating markets – encompassing Fin Cover, Fin Online Loans, Fin Medical Loans, Fin Payroll, Fin Home Loans, and Fin Pay.

Fin Group Limited is a financial services group with a tech-based offering that includes financial wellness, embedded credit, insurance, and AI-driven credit modeling solutions with operations in South Africa, Namibia, Eswatini, Kenya and Tanzania have mandated Verdant Capital to raise debt and equity capital to grow the business.

Verdant Capital is an advisor to Fin on their capital raising efforts. 

Source: Company, Tech Times, Retail Banker International

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