Patrice Motsepe-backed African Rainbow Capital (ARC) announced today it has injected millions into TymeBank and TymeGlobal.
The company said ARC Financial Services Holdings (ARC FSH) has injected an additional R257 million into TymeBank and TymeGlobal during the period as part of the scheduled capital requirements for the bank.
At 31 December 2021, the ARC Fund had an effective interest of 25% in TymeBank, being its 49.9% of the 50.1% interest held by ARC FSH in TymeBank.
ARC FSH is 50.1% owned by African Rainbow Capital Proprietary Limited and 49.9% owned by the ARC Fund, which is the vehicle holding the assets within ARC Investments, the listed entity.
TymeBank is a digital bank that leverages the use of digital technology to make banking simple and affordable.
The bank is focused on acquiring customers who want to benefit from lower banking costs as well as improved customer experience. The business managed to achieve its revenue and cost targets, despite experiencing some significant headwinds during this financial year.
TymeBank forecasts to break even in 2022.
It entered into an agreement with the Zionist Christian Church (ZCC) in February 2020 to onboard a large proportion of the ZCC’s 9 million member base. “This initiative had largely been postponed due to the impact of the Covid-19 pandemic and the National Lockdown and should gain momentum once preventative Covid-19 measures are relaxed and it is reasonably safe to resume activities to onboard church members.”
TymeBank, one of the world’s fastest growing digital banks, has partnered with National HealthCare Group to bring quality, affordable medical insurance to consumers, through the launch of TymeHealth, an app-based offering that provides medical insurance for as little as R139 a month.
Statistics show that just 8,9 million South Africans are covered by a medical scheme, with the high costs of contributions making membership of a medical aid unaffordable for most of the population.
Tauriq Keraan, TymeBank CEO says: “Our country has a population of just over 60-million people, and the dire reality is only one in seven South Africans have access to medical aid, and most people cannot afford private healthcare. With TymeHealth, an initiative in collaboration with the National HealthCare Group, we are making it possible for more South Africans to have access to affordable, quality healthcare.”