A WEE DRAM
CHRIS GILMOUR: TymeBank gives legacy banks a run for their money
With such rapid growth in TymeBank’s customer base, the existing legacy banks, such as Absa, FNB, Nedbank and Standard should be worried
Two of the most important assets in African Rainbow Capital’s (ARC’s) portfolio are internet service provider Rain and TymeBank, the financial services company that recently celebrated its millionth customer in less than a year. Both are disrupting the status quo in their industries, Rain in telecoms and Tyme in banking.
ARC co-CEO Johan van Zyl says: “ARC has a definite bias towards financial services companies in its portfolio. Financial inclusion is essential in SA, it is a key part of having a winning nation. SA has a world-class financial services industry but it is expensive. We’ve backed a few horses [at ARC] and we’re feeding them well and we think we have a winner in TymeBank”. ..