South African billionaire Patrice Motsepe's GoTyme bank tops 13 million customers
GoTyme Bank, the former TymeBank backed by Patrice Motsepe's African Rainbow Capital, has passed 13 million customers and plans a credit card in 2027.
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GoTyme Bank, the former TymeBank backed by Patrice Motsepe's African Rainbow Capital, has passed 13 million customers and plans a credit card in 2027.
The bank is eyeing substantial funding of up to $100 million in a Series-D round.
Motsepe, the influential owner with a substantial stake in TymeBank, emphasized the bank’s appeal to a more affluent consumer market.
Despite a 10-percent plunge in the market value of Motsepe’s 40-percent stake in ARM, the surge in his net worth is linked to the revaluation of private investments.
Motsepe-backed TymeBank targets unclaimed benefits, fueling its drive to dominate South Africa’s financial landscape.
Motsepe boasts a net worth of $2.2 billion, making him the richest Black billionaire in Southern Africa.
Motsepe remains one of Africa’s wealthiest businessmen and retains the title of the richest Southern African Black billionaire.
TymeBank is a South African digital-only bank controlled by Africa’s first Black billionaire.
TymeBank is partly owned by Motsepe’s African Rainbow Capital Financial Services Holding.
TymeBank is owned in part by ARC Financial Services Holding, a Black-owned and -controlled company linked to Motsepe.
TymeBank is partly owned by Motsepe’s African Rainbow Capital (ARC) Financial Services Holding.
ARC Financial Services Holding, a company founded by Motsepe, owns a stake in TymeBank.
The partnership is part of the bank’s strategy to collaborate with retailers.
The move comes after the bank received a digital banking license from the Philippines Central Bank.