Edward West edward.west@inl.co.za TYMEBANK, a digital smart bank that requires no documents and no monthly fees, has on-boarded 3.45 million customers in just over two years and plans to reach break-even in 2022.
Insight into the performance of new banks and technology start-ups such as Rain is hard to come by as they are not listed, but the latest financial results from JSE-listed empowerment investment group African Rain Capital Investments (ARC), which is invested in both firms, sheds some light.
The start-up bank is still small considering the likes of Capitec, which had some 14.9 million customers, Standard Bank with about 9.1 million customers and Absa with some 9.7 million customers, last year.
ARC Investments’ share in TymeBank’s fair value amounts to R1.17 billion (2020:…