TymeBank Has Managed To Secure R1.6 Billion From International Investors
TymeBank Has Managed To Secure R1.6 Billion From International Investors. TymeBank, a South African digital banking platform has managed to secure funding of R1.6 billion from UK and Philippines investors. The companies that have invested in TymeBank are Apis Growth Fund II, a private equity fund and JG Summit Holdings, one of the largest conglomerates in the Philippines, it is owned by the Gokongwei family.
“Both these investors are experienced in financial services in emerging markets. Apis is a private equity asset manager that supports growth stage financial services and financial infrastructure businesses.” TymeBank said in a statement.
TymeBank majority shareholder is African Rainbow Capital, a fully black owned and controlled investment company. This makes TymeBank the first majority black owned retail bank in South Africa. This investment will be used to accelerate the bank’s growth and secure its path to commercial success.
“As the controlling shareholder in TymeBank, African Rainbow Capital is delighted to have our new co-investors onboard. Equally important, Apis and the Gokongwei family invest in TymeBank at a time when significant uncertainty reigns globally and in South Africa as a result of the Covid-19 pandemic. The invested amount of R1.6 billion is no small feat – both in terms of drawing investment into South Africa’s financial services sector as well as investing into a fledgling part of the sector in our country,” said Dr Patrice Motsepe, chairman of African Rainbow Capital and majority owner of TymeBank.
TymeBank is a new kind of bank that is digitally smart. The money it saves by not having branches means customers pay a lot less for banking like, no monthly fees and the customers only pay for what they use. TymeBank has over 2.8 million customers and it is expected to grow even further in the coming years.
There is a TymeBank kiosk in most Pick n Pay and Boxer stores where clients can deposit and withdraw money at every Pick n Pay and Boxer till point, the clients can bank wherever they shop. This banking platform is clearly innovative as it is disrupting how normal banking is done.
