China Based Tencent and UK's CDC Group Become SA's Tymebank’s New Investors, R1.1 Billion Raised So Far
- Chinese-based multinational Internet company, Tencent, has become an investor in South African-based Tymebank
- However, the majority of Tymebank's shares are still owned by Dr Patrice Motsepe's African Rainbow Capital Investments
- Tymebank plans on using the capital they raised to expand their operations and reach more customers
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JOHANNESBURG - Tymebank, a South African based digital bank, has announced that it has two new shareholders. They are Chinese internet conglomerate Tencent and UK-based finance institution CDC Group.
Tymebank raised R1.1 billion in capital. This drove their total raised capital up to R2.86 billion. The digital bank plan to use this capital to expand its current operations so that it can accommodate more customers.
After Tencent and CDC Group's investments, African Rainbow Capital Investments (ARCI) still owns the majority of Tymebank's shares, MyBroadband reports.
Source: Getty Images
Tymebank's plans for the future
Tymebank gained four million customers across South Africa's economic spectrum in the past 32 months. However, they plan to increase their customer base in the coming months.
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“The two investors’ capital and expertise will be used to strengthen Tyme’s ability to manage risk and support Tyme’s expansion into emerging markets," Tymebank said.
According to BusinessTech, Tymebank's investors include JG Summit Holdings, Apis Growth Fund II, African Fig Tree, and Ethos AI Fund. The majority shareholder, ARCI, is owned by South African businessman Patrice Motsepe.
South Africa reacts to Tymebank's new investors
@MrTsoks asked:
"Why don't they list Tymebank on the JSE already?"
@pc_man said:
"Tymebank has the potential to seriously shake up the banking sector and that can only be a good thing. The only gangsters bigger than political gangsters are the banking gangsters."
@Sduduzo_S1 shared:
"Europeans are interested and investing big money in Tymebank while in SA we're still reluctant. This bank is going to be big, invest now, you won't regret."
@PreciousShange asked:
"Has anyone seen a Tymebank ATM with their own eyes?"
Labat Africa gets listed on Frankfurt Stock Exchange
Yesterday, Briefly News reported that Labat Africa Group, an investment holding company that focuses on cannabis healthcare, has been listed on the Johannesburg Stock Exchange (JSE) since 1996 and will now also be listed on the Frankfurt Stock Exchange (FSE).
Germany's newly formed coalition government announced that they plan on working towards legalising cannabis for both recreational and medicinal purposes. This prompted Labat to list on the FSE.
GR Global Ventures (GRGV), an LLC based in California, has committed to investing R300 million in Labat over the next three years and Labat, in turn, has agreed to give them shares.
Source: Briefly News
