Patrice Motsepe's African Rainbow Capital (ARC) is reported to being close to acquiring a banking licence in South Africa. This is after ARC announced and concluded the purchase of 10% equity in FinTech company, TYME, owned by the Commonwealth Bank of Australia.
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 $ 30 million (R365 million). Through its cloud based system, the company allows customers to access their money using their mobile phones or via retailers, without needing physical branches.
TYME's banking license, in partnership with ARC, is expected to be granted by the end of September 2017. Once granted this will likely signal a shake up of the banking sector in South Africa.
This is not the first investment in the technology sector that ARC has made. Earlier in 2017 the investent company also announced a 20% equity purchase in South African 4G/LTE provider, Rain.Share this article via: