TymeBank sees Tencent stake as a sign of faith in its model
The Chinese tech giant will own up to 8% of the bank after latest funding round
TymeBank, the emerging lender backed by Patrice Motsepe’s African Rainbow Capital (ARC), has caught the interest of one of the world’s most recognisable tech names, Tencent, viewing this as a sign of faith in a digital banking model it hopes to roll out in parts of Asia.
Most of the $70m (R1.1bn) raised in TymeBank’s latest funding round will be used to fund growth in SA, co-founder Coen Jonker told Business Day. But just less than a third is being earmarked for its second digital bank, in the Philippines, ahead of an expected launch in the third quarter of 2022...