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Foreign investment boost of R1.6 billion for digital-only TymeBank
TymeBank has secured a R1.6 billion boost from investors in the UK and Philippines.
The digital-only bank (with kiosks in retail stores) was launched two years ago and now counts 2.8 million customers.
It expects to reach 3 million by the end of March.
R500 million of the R1.6 billion investment announced on Tuesday has already been invested, according to a statement.
The balance of R1.1 billion will come through over the next 12 to 15 months.
The investors include Apis Growth Fund II, a private equity fund managed by UK-based Apis Partners, and Gokongwei-owned JG Summit Holdings, one of the largest conglomerates in the Philippines.
The investment is no small feat at a time when significant uncertainty reigns globally and in South Africa, says Dr Patrice Motsepe, chairman of African Rainbow Capital and majority owner of TymeBank .
TymeBank CEO Tauriq Keraan agrees the opportunity is a game-changer, in conversation with Bruce Whitfield on The Money Show.
He says Africa Rainbow Capital remains the majority investor.
It's a very important juncture in our life cycle as a young fledgling digital bank competing in a mature market... It's not only the capital; it's the strategic value-add and the logistic benefits that both of these investors bring us.
Tauriq Keraan, CEO - TymeBank
We're absolutely delighted to have gotten to this point, and excited about working for our investors.
Tauriq Keraan, CEO - TymeBank
JG Summit... will bring us massive knowledge in retail and sharpen our execution in the retail environment both in Pick n Pay and Boxer and outside of those stores.
Tauriq Keraan, CEO - TymeBank
It's also an absolutely unique opportunity for us to export the South African home-grown business model to a place like the Philippines, which structurally is not dissimilar to South Africa.
Tauriq Keraan, CEO - TymeBank
UK-based growth fund Apis has made investments in South Africa over the last six years he says, but this is their first in a digital bank.
The opportunity for rapid growth can be a double-edged sword, Keraan acknowledges.
Listen to him explain how TymeBank will maintain its resilience as it expands:
Copyright : TymeBankSource : https://www.facebook.com/tymebankza/photos/a.368015620295229/921631694933616
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