Thanks to aggressive growth and funding support from African Rainbow Capital (ARC), the South African digital bank TymeBank, which is backed by billionaire Patrice Motsepe, has recently exceeded the milestone of 6.2 million customers.
According to ARC’s latest interim financial results covering the six-month period ending Dec. 31, 2022, TymeBank has reached a significant milestone, with more than 6.2 million customers.
The report also revealed that ARC, controlled by Motsepe, has invested almost R1.92 billion ($104.4 million) in TymeBank to fuel the bank’s expansion plans.
In the recently released interim results, ARC revealed that TymeBank recently sealed a partnership with leading retail clothing group The Foschini Group (TFG) as part of a strategic effort to gain access to TFG’s 28 million members.
Since forming their partnership, TymeBank and TFG have expanded TymeBank’s reach across South Africa by almost doubling the number of kiosks to 600, spread across 22 TFG brands.
Additionally, the partnership has resulted in the introduction of co-branded financial products and services, available both in-store and on digital platforms. This information was disclosed in a recent report released by ARC.
TymeBank is owned in part by ARC Financial Services Holding, a Black-owned and -controlled company that operates under Ubuntu-Botho Investments (UBI), a holding company founded by Patrice Motsepe.
With funding support from ARC, TymeBank has acquired an impressive 6.2 million customers since its 2019 launch. The bank’s expansion strategy includes the acquisition of Retail Capital, a prominent fintech lender that serves small and medium-sized enterprises.
In 2022, ARC provided TymeBank and TymeGlobal with an additional R257 million ($15.25 million) in funding to meet the bank’s scheduled capital requirements. Subsequently, TymeBank announced the acquisition of Cape Town-based fintech lender, Retail Capital.
This strategic move is intended to help the bank expand its financial services portfolio and is indicative of ARC’s commitment to supporting TymeBank’s growth.