Tencent invests in TymeBank South Africa

African Rainbow Capital (ARC) Investments has announced that Tyme, including TymeBank South Africa and Tyme Global, completed its Series B Capital raise with the introduction of two new shareholders.

Tyme Global represents the Singapore registered company through which the Tyme Intellectual Property is held and which serves as the vehicle for growth into new markets.

Capital raised amounts to approximately $70 million and sees Tencent, the international leading internet and technology company based in China, and CDC Group, the UK’s development finance institution, being shareholders.

The first part of Tyme’s Series B raise concluded earlier in 2021 when it secured $110 million from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and the Gokongwei family’s JG Summit Holdings – taking the combined capital raise to $180 million.

The investment, ARC said, will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services to TymeBank’s historic mass-market customer base. “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 is majority-owned by Dr. Patrice Motsepe’s African Rainbow Capital, which remains the majority shareholder post this investment.

Other shareholders include UK based Apis Growth Fund II (‘Apis’), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, and the Ethos AI Fund.

TymeBank has acquired four million customers in 32 months, with a noticeable acceleration in its acquisition rate.