Patrice Motsepe's Tyme Bank, Sanlam to launch retail credit venture
TymeBank and Sanlam are launching a 50-50 joint venture to expand digital credit access to underserved South Africans through unsecured loans and insurance.
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TymeBank and Sanlam are launching a 50-50 joint venture to expand digital credit access to underserved South Africans through unsecured loans and insurance.
The bank, backed by Motsepe, has rapidly expanded since its launch in 2019, transforming the financial landscape in South Africa and beyond.
TymeBank, controlled by Motsepe, expects to complete a $150-million funding round by the fourth quarter.
TymeBank is owned in part by African Rainbow Capital Financial Services Holding, a Black-owned and -controlled company.
TymeBank, one of the world’s fastest-growing digital banks, has acquired 4 million customers in 32 months.