African Rainbow Capital (ARC) announced on Friday it had received all regulatory approvals necessary to acquire TymeDigital from the Commonwealth Bank of Australia and will now look to add strategic investors capable of helping the country’s newest bank grow quickly. With a number of new entrants hot on its heels — including Michael Jordaan’s Bank Zero and Discovery Bank — Tyme will now be perfecting its operating processes and rounding out its product offering before undertaking a more aggressive roll-out to its partner, Pick n Pay stores. The bank will be renamed TymeBank when it officially launches to the public. ARC will be seeking to include two or three strategic investors in due course. “We will keep ARC’s stake well above 50%,” says co-CEO Johan van Zyl. “But consistent with our operating model, we will look to dilute our shareholding to investors we think can help us scale the business. These include investors that have access to client pools, and investors interested in lo...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now