Tyme Global, which is owned by Patrice Motsepe,today announced that GoTyme Bank was pursuing the acquisition of a Philippines-based payroll lender so that it can access salaried employees and utilise its low-cost deposit base to drive efficiencies.
In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines.
In August, GoTyme reached the 1-million customer mark, just a few months before its first anniversary on October 20.
The bank now has 2 million customers.
GoTyme Bank is expected to reach profitability in quarter four, 2025.
The third country, Vietnam is currently in the contracting stages with country partners.
During the period the fair value of the Tyme Global investment was adjusted to reflect the post-money value of the recently closed Series C capital raise.
We are very excited about the prospects of Tyme Global and the thesis around building a multi-country digital bank at scale is coming to fruition.
Also read: GUGU LOURIE: With Filipino partners, Motsepe’s Tyme is poised to expand into Southeast Asia
The inspiring story of the late businessman, philanthropist and conservationist Anton Rupert is that of a boy from the Karoo who grew up during the Great Depression and struggled to raise enough money to study science at university. Rupert’s Rembrandt Group became known around the world, owning brands such as Cartier, Dunhill, Rothmans and Montblanc.
Within a few decades, the Rupert family dynasty was built, loved by some and hated by others in SA.
Authors of Anton Rupert: A Biography, Ebbe Dommisse and Willie Esterhuyse wrote a telling line in their book: “You know, Mr Erasmus, the best training school for an accountant is poverty!”
Did poverty inflicted on blacks in apartheid SA help Patrice Motsepe, the owner of Tyme, understand how to make money?
It seems so, and he has also learnt from the Ruperts.
When Motsepe decided to globalise his innovative digital bank he partnered with the “Ruperts of the Philippines” who understand the country’s nuances.
The Filipinos Motsepe partnered with are the Gokongwei family, whose company is headed by tycoon Lance.
In March Lance started a spending spree of $1.3bn (R24bn), betting on banks, airlines and hotels.
Lance’s family business JG Summit is stepping up its investments in the Philippines and other key markets in Southeast Asia. JG Summit, one of the largest and most diversified conglomerates in the Philippines, is also involved in food manufacturing, petrochemicals and telecommunications.
The company was founded in 1954 by the late billionaire John Gokongwei as a maize starch factory. After the death of their father in 2019, Lance and his sisters — Robina, Lisa, Faith, Hope, and Marcia — inherited his fortune.
So far, it appears that Motsepe has chosen the right partners, as he did with Sanlam.
In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines. The digital bank is gaining about 200,000 Filipino customers every month, like its sister company TymeBank in SA, which has reached a milestone of 8-million registered customers.
