Table of Contents
Key Points
- Patrice Motsepe’s 40% stake in Tyme Group is now valued at $600 million after the fintech platform's $250 million Series D funding round.
- Tyme Group's international expansion includes GoTymeBank in the Philippines and plans to enter Vietnam and Indonesia by 2025.
- The digital banking group, profitable since December 2023, is set to prepare for an IPO by 2028, backed by investors like Nubank and Tencent.
Africa’s first Black billionaire, Patrice Motsepe, has seen his indirect 40 percent stake in Singapore-based Tyme Group surge to $600 million after the digital banking group completed a landmark funding round. Tyme, which operates in Africa and Southeast Asia, in December raised $250 million in its Series D capital raise, pushing its valuation to $1.5 billion.
The funding round, the largest fintech raise in Southeast Asia in 2024, was led by Nubank, the world’s largest digital bank with over 110 million customers, which invested $150 million for a 10 percent stake. Other existing shareholders, including African Rainbow Capital Investments (ARC)—Motsepe’s investment vehicle—contributed $50 million.
The oversubscribed round highlights Tyme Group’s global appeal, with its investor base featuring heavyweights such as Tencent, British International Investment, The Gokongwei Group, and Norrsken22.
Tyme Group’s global footprint and growth
Tyme Group, 40 percent owned by Motsepe’s ARC, is South Africa’s only Black-owned and Black-controlled commercial bank. Operating as TymeBank in South Africa, it has attracted over 10 million customers since its 2019 launch. Internationally, it extends its reach through GoTymeBank in the Philippines, a joint venture with the Gokongwei Group.
Together, these brands serve more than 15 million customers worldwide, blending digital convenience with physical accessibility through an innovative “phygital” model, which integrates online banking with in-store service points.
Motsepe, who is ARC’s founder and chairperson, praised a new partnership with Nubank as pivotal to Tyme Group’s expansion. “As a long-term strategic shareholder, we enthusiastically welcome this partnership with a leading global digital bank. This collaboration will significantly accelerate Tyme Group’s growth and development,” he stated.
IPO plans set for 2028
Tyme Group achieved profitability in December 2023 and has since sustained impressive growth. Its annualized gross revenue now stands at $175 million, with net operating income reaching $110 million.
To reinforce its foothold in the Philippines, GoTymeBank, a subsidiary of Tyme Group, recently acquired Savii, a salary-based lender. This move not only broadens its product portfolio but also bolsters its profitability.
Building on this momentum, Tyme Group is channeling its latest capital infusion to enter Vietnam and Indonesia in 2025. These expansions aim to deepen its presence in emerging markets where demand for digital banking is surging. The company expects this funding round to be its final one before preparing for an initial public offering (IPO) by the end of 2028.
Motsepe’s expanding investment empire
Motsepe, became Africa’s first Black billionaire in 2008 thanks to his mining venture African Rainbow Minerals. Over the years, he has steadily expanded his investment portfolio. Through African Rainbow Capital (ARC), he has strategically diversified into sectors such as fintech and sustainable energy, underscoring his vision for long-term growth and innovation.
One of ARC’s recent milestones was its support for NASDAQ-listed Lesaka Technologies in the R1.59 billion ($85 million) acquisition of Adumo, a payments firm. This move aligns with ARC’s mission to advance financial inclusion across Africa and demonstrates its commitment to impactful investments.
Motsepe’s early backing of Tyme Group further exemplifies his forward-thinking approach. As Tyme Group enhances its profitability and expands globally, the value of his indirect stake is set to rise considerably. This growth underscores the profound influence of African-led investments in reshaping the global fintech landscape.
