Commonwealth Bank of Australia have announced that South African billionaire, Patrice Motsepe, will be buying a 10% stake in their FinTech mobile money company, TYME, through African Rainbow Capital (ARC). Commonwealth Bank of Australia also added that ARC will bring black South African shareholders with the deal.
This announcement comes very quickly after MTN Group said that they will be parting with TYME as their partner for bringing banking and mobile money services to their customers earlier in February 2017. MTN Group cited "lack of commercial viability" as the main reason for parting ways with the mobile money company.
TYME, is an acronym for Take Your Money Everywhere and was founded in South Africa in 2012 and later acquired by Commonwealth Bank of Australia in 2015 for a rumored sum of ZAR 365 million (approximately $ 30 million).
Although TYME have lost MTN Group as a client, their other longstanding client, Pick n Pay, remains. This likely leaves TYME with over 100,000 registered customers that use the mobile money service.