Key Points:
- Patrice Motsepe’s net worth rebounds to $3 billion after a $200 million increase over 26 days, driven by his mining ventures.
- African Rainbow Minerals’ shares have surge 7.8% since June 14, increasing its market cap to $2.78 billion and boosting Motsepe’s stake.
- Motsepe’s digital bank, TymeBank, seeks $150 million in funding, aiming for a $1 billion valuation to accelerate growth before IPO.
South African billionaire Patrice Motsepe has seen his net worth rebound to $3 billion after a brief setback earlier this month. Motsepe, renowned as Africa’s first Black billionaire, experienced a $200 million increase in his fortune over the past 26 days, recovering from a dip below the $3 billion mark in early June.
Motsepe, who achieved billionaire status in 2008 through his mining ventures, continues to strengthen his financial position. The cornerstone of his wealth remains his 40-percent stake in African Rainbow Minerals (ARM). The prominent South African mining company has a diverse portfolio, including iron, coal, copper, gold, platinum, and other precious metals.
Since June 14, ARM’s shares on the Johannesburg Stock Exchange (JSE) have surged by 7.8 percent, from R211.64 ($11.58) to R228.17 ($12.50). This increase has pushed ARM’s market capitalization to $2.78 billion, with Motsepe’s stake now valued at $1.11 billion.
Diversified investments boost Patrice Motsepe’s wealth
In addition to the recent uptick in ARM’s market value, Motsepe has benefited from his diversified investment portfolio. Early this month, TymeBank, a digital bank controlled by Motsepe, sought $150 million in a funding round that could elevate its valuation to $1 billion. This move aims to accelerate growth as the bank prepares for an initial public offering (IPO).
TymeBank, which has rapidly acquired customers in South Africa and the Philippines, currently serves 12.4 million customers, with 9.2 million in South Africa and 3.2 million through GoTymeBank in the Philippines.
Patrice Motsepe’s fortune grows steadily
With strategic investments and a resurgence in the value of his core assets, Patrice Motsepe’s fortune continues to grow, reaffirming his status as one of Africa’s leading billionaires. His investment holding company, African Rainbow Capital (ARC), has also been active in the financial technology (fintech) sector.
ARC is backing Lesaka Technologies’ expansion following the company’s acquisition of payments technology firm Adumo for R1.59 billion ($85 million) in a cash-and-share deal. The NASDAQ-listed Lesaka, with a market cap of nearly $300 million, now counts ARC among its investors, further solidifying Motsepe’s influence in the fintech industry.