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Summary (IA Generated)
The onset of the pandemic has led to increased demand across customer income groups around the world for digital banking options.
TymeBank, a South African digital bank, announced today that it has secured an R1.
1 billion ($75 million) — will be invested over the next 12 to 15 months.
With already existing shareholders like African Rainbow Capital (founded by South African billionaire Patrice Motsepe), TymeBank says these new investors will grow the company into a top tier retail bank in South Africa.
“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,” said Dr Patrice Motsepe, the majority owner of TymeBank and chairman of African Rainbow Capital.
TymeBank claims to onboard an average of 110,000 new customers per month.
This makes it globally recognized for digital banking in emerging markets, and the plan is to reach 4 million customers next year.
In terms of growth, TymeBank currently outpaces its competitors in Africa and can be argued to be one of the fastest-growing digital banks in the world at the moment.
The company is the first bank in South Africa to be fully operated off a cloud-based infrastructure network and the first to be granted a commercial banking license in the country since 1999.
The holding company, Tyme, focuses on designing, building, and operating digital banks for emerging markets.
With its success in South Africa, Tyme is planning to launch operations in Asia.