South African company Fin (formerly Finclusion Group) has acquired financial housing provider, Thuhukani, integrating it as Fin Home Loans, for an undisclosed fee.
Fin is currently building Africa’s first credit-led neobank in its bid to properly accelerate financial inclusion throughout sub-Saharan Africa. The acquisition of Thuthukani, a financial housing provider company based in Pretoria, would see Fin's expansion into all the relevant financial offerings for individuals and SMEs across its broader markets.
Thuthukani’s incremental housing finance offering has been renamed to Fin Home Loans and it is listed in Fin’s South African portfolio. The home loan is aimed at giving middle-to-lower-income Fun customers access to affordable finance on the platform. This would help in supporting projects from new buildings and renovations to fitting a kitchen, solar and backup systems, and more.
Fin which was launched in mid-2018 by Timothy Nuy and Tonderai Mutesva had started as Finclusion Group and gradually rebranded to Fin, following its funding round of $2 million in 2022; this has produced a product offering that focuses on creating value for employers, employees and consumers while closing on the credit gap in Africa.