Digital bank TymeBank has secured $77 million in its latest capital raise.
ARC holds an effective 57.7% stake in TymeBank, which bills itself as South Africa’s first digital-only bank.According to the company, across its two markets – South Africa and the Philippines – the business is growing at a pace of 300 000 new customers a month, as it works to provide consumers, particularly the underserved and financially excluded portion of the population, with quality financial services.
The bank registers an average of 23 million monthly transactions and a 70% 30-day account activity rate, says ARC, adding the focus remains on profitability in the coming months.
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