https://www.engineeringnews.co.za

ARC to acquire 100% of TymeDigital

8th August 2018

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

African Rainbow Capital (ARC), led by chairperson Patrice Motsepe, has reached an agreement to acquire, through its 50.1% held subsidiary, ARC Financial Holding Company (FinHoldCo), 90% of TymeDigital by Commonwealth Bank, for an undisclosed consideration.

When concluded, FinHoldCo will own 100% of TymeDigital – a South African registered bank with a strong fintech focus.

 The acquisition comprises TymeDigital in South Africa and the related intellectual property and patents.

 TymeDigital has been trialling its operations as it works towards an official launch. It aims to provide affordable and accessible banking services through a growing network of partners, including Pick n Pay.

Targeted client segments include unbanked and underserved clients, as well as small and medium enterprises.

Competitive technology allows the bank to on-board clients with greater ease relative to its competitors and keep bank charges more affordable than what South African banking clients pay in general.

Following the finalisation of the acquisition, ARC may consider introducing new shareholders in the current structure, which may include management.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 1.006s - 141pq - 2rq
Subscribe Now