Fintech (Pty) Ltd is one of South Africa’s largest independent financiers of technology used in business, providing asset rental finance to a wide variety of businesses.
The business was established in 1981 and began operating as a broker within the Altron Group. Seven years later, with the acquisition of the Xerox business, Fintech evolved into a captive asset finance company for the group. In 1999, Fintech saw the need to offer business solutions which fell outside of the Altron Group and this quickly resulted in it becoming the authorised financier for the entire Ricoh range of products and thereafter it evolved into other equipment types.
The business continued to grow, and today Fintech offers a competitive rental finance solution for office automation, communication, information technology, security and medical products to a wide range of equipment suppliers. Together with the efficient administration of the assets financed and a proud record of low bad debt history, this ensures Fintech’s continued success in the industry.
Fintech made the decision to raise funds by means of the securitisation of Fintech’s rental book. This commenced with the issue of Fintech Receivables 1 bonds in 2002. Since then, several other securitisation vehicles have successfully been utilised, the latest of which is Fintech Receivables 2 bonds. Fintech continues to apply the strategy of raising funds through securitisation, whether listed or unlisted. This provides Fintech with a reliable and ongoing source of funds to South Africa’s equipment market. The future funding strategy is one of continued use of securitisation as a main source of funding growth, building relationships with partners in the debt capital markets, and utilizing bank funding to satisfy Fintech’s funding requirements.
Fintech current shareholding is as follows:
Glen Christopulo - Chief Executive Officer of Fintech
Barrett Jerling - Strategic Director
Mike Luiz - Strategic Director |
62.5% |
RMB Corvest
|
11.9% |
Shalamuka Capital - BEE Partner |
25.1% |
Fintech is a market leader in its field, and currently finances capital under administration of more than R1.6 billion. The company holds a level 4 BEE rating.