TymeBank, a South African digital bank backed by Chinas Tencent Holdings, is raising $150 million (R2.7 billion) to build scale as it prepares for an initial public offering, co-founder and CEO Coenraad Jonker said. 'We are currently valued at close to $1 billion and busy with our series D capital raise at unicorn valuation,' Jonker said in an interview in Johannesburg. 'Our target is to list TymeBank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders.'
The digital bank controlled by African billionaire Patrice Motsepes African Rainbow Capital expects to complete the round by the fourth quarter, to fund expansion plans, such as TymeBanks move into Indonesia by year-end, said Jonker.
TymeBank is now one of the fastest-growing digital banks in Africa, said Jonker, and follows a similar business model to Brazils Nu Holdings Ltd., that also counts Tencent as a shareholder, and listed in New York in 2021.
The digital bank started in South Africa in 2019 and now controls 10% of the primary bank market share in Africas most developed economy. TymeBank has gone head on with incumbent banks in the country, such as Africas biggest bank Standard Bank, and FirstRand's First National Bank, and is now the third largest and fastest growing lender by customer numbers, said Jonker.
The digital bank controlled by African billionaire Patrice Motsepes African Rainbow Capital expects to complete the round by the fourth quarter, to fund expansion plans, such as TymeBanks move into Indonesia by year-end, said Jonker.
TymeBank is now one of the fastest-growing digital banks in Africa, said Jonker, and follows a similar business model to Brazils Nu Holdings Ltd., that also counts Tencent as a shareholder, and listed in New York in 2021.
The digital bank started in South Africa in 2019 and now controls 10% of the primary bank market share in Africas most developed economy. TymeBank has gone head on with incumbent banks in the country, such as Africas biggest bank Standard Bank, and FirstRand's First National Bank, and is now the third largest and fastest growing lender by customer numbers, said Jonker.
