Not WWI related but some big money being invested in Tyme bank of SA Tyme Bank, a South African digital bank backed by China’s Tencent Holdings, is raising $150 million to build scale as it prepares for an Initial Public Offering, co-founder and CEO Coenraad (Coen) Jonkersaid. “We are currently valued at close to $1 billion and busy with our series D capital raise at unicorn valuation,” Jonker said in an interview in Johannesburg. “Our target is to list Tyme Bank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders.” The digital bank expects to complete the round by the fourth quarter, to fund expansion plans, such as Tyme Bank’s move into Indonesia by year-end, said Jonker. Tyme Bank is now one of the fastest-growing digital banks in Africa, said Jonker, and follows a similar business model to Brazil’s Nu Holdings Ltd., that also counts Tencent as a shareholder, and listed in New York in 2021. The digital bank started in South Africa in 2019 and now controls 10% of the primary bank market share in Africa’s most developed economy.
WWI Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)