African Rainbow Capital (ARC), an investment vehicle belonging to South African billionaire Patrice Motsepe, has announced plans to invest in fintech businesses and startups.
The investment company said it has entered into negotiations to add a fintech conglomerate to the group, setting aside R350 million ($24.7 million) for the new investment, Moneyweb reported.
The fintech conglomerate includes “one or two advanced businesses and there are a few startups,” ARC Co-CEO Johan van der Merwe said.
ARC is also in talks to attract new investors for TymeBank, a cloud-based bank established in 2019, which maintains a presence in South Africa and the Philippines.
African Rainbow Capital
ARC is an investment company that focuses on opportunities in the South African and African financial services and diversified investment (non-financial) industries.
ARC mainly focuses on acquiring a shareholding in businesses that deliver exceptional returns on equity.
Founded in 2015, the company is a subsidiary of Ubuntu-Botho Investments, a wholly Black-owned and controlled company created in 2004 with the initial core purpose of building Black-controlled capital.
Through ARC, Motsepe already has acquired a stake in nearly 50 companies.
