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TymeBank secured $9.5 million investment from African Rainbow Capital amid significant deposit growth and expansion plans.

TymeBank secured $9.5 million investment from African Rainbow Capital amid significant deposit growth and expansion plans.

09/17/24, 3:35 PM
Location
https://purecatamphetamine.github.io/country-flag-icons/3x2/ZA.svgjohannesburg
Money raised
$9.5 million
Industry
financial services
Investors
African Rainbow Capital
TymeBank, a digital bank in South Africa, has received an investment of approximately $9.5 million from African Rainbow Capital as it surpassed 9.5 million customers. The funding will be used to support the bank's growth and enhance its services targeting economically marginalized communities.

Company Info

Company
TymeBank
Location
johannesburg, gauteng, south africa
Additional Info
We’re a digital bank founded on simplicity, transparency and affordability. TymeBank’s majority shareholder is African Rainbow Capital, a fully black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa. Our business is designed and run around three key principles: We believe that every South African has the right to accessible and affordable banking so that they can take part in, grow and benefit from the country’s economy. We believe in the potential of people in this country. We have designed our products, services and tools to help individuals, businesses and communities achieve everything we know they’re capable of. We constantly look for ways to empower South Africans to take back control of their money. By helping them understand how money really works and giving them a transaparent view of their own financial situation, we make it easier for our customers to make decisions today that translate into a secure financial future. www.tymebank.co.za

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