Tymebank Parent Valued At 1.5-billion In Latest Fundraise
The bank is valued at 1.5-billion R27-billion after the capital raise, which included a 150-million investment from Latin America's most valuable financial company, Nu Holdings.
"It is a unique vote of confidence in our business by the world leaders in our industry, essentially," said Coenraad Jonker, CEO and co-founder of Tyme.
Nu Holdings' Nubank is the world's biggest standalone digital bank, with over 110 million customers across Brazil, Mexico and Colombia. "They do not have plans to organically grow into Southeast Asia," said Jonker, and its investment "is really the bet that they are taking as Nubank in Southeast Asia and Africa".
M G's Catalyst fund also put in 50-million, while existing shareholders invested a further 50-million, Tyme said. Its current backers include Tencent Holdings, Gokongwei Group and Norrsken22.
Motsepe's African Rainbow Capital Investments will remain Tyme's lead shareholder with a 40 stake, Jonker said. "Our status as South Africa's only black-owned and black-controlled commercial bank actually remains in place."