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Apis and JG Summit Holdings co-invest R1.6bn in TymeBank

Anna Lyudvig
Feb. 24, 2021, 11:43 p.m.
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Apis Partners via its Apis Growth Fund II and JG Summit Holdings, one of the largest and renowned conglomerates in the Philippines owned by the Gokongwei family, have invested R1.6bn in South Africa’s TymeBank.

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Apis Partners via its Apis Growth Fund II and JG Summit Holdings, one of the largest and renowned conglomerates in the Philippines owned by the Gokongwei family, have invested R1.6bn in South Africa’s TymeBank.

Matteo Stefanel, Managing Partner of Apis Partners, said: “As an experienced investor in financial services, we are thrilled to partner with the team at TymeBank who have built an exceptional business in a competitive market such as South Africa.”

“We are confident that this investment will accelerate TymeBank’s growth and already impressive onboarding figures.”

The investment will be deployed to bolster TymeBank’s growth and secure its path to commercial success.

TymeBank is regulated by the Prudential Authority of the SA Reserve Bank. TymeBank is the first bank in South Africa to be operated fully off a cloud-based infrastructure network.

It was also the first bank to be granted a commercial banking license since 1999.

TymeBank currently boasts some 2.8 million customers and is expected to reach a milestone of 3 million customers by the end of March 2021.

TymeBank is a member of the Tyme group of companies, which is headquartered in Singapore.

Along with TymeBank’s existing shareholders, which includes majority shareholder African Rainbow Capital, the new investors are committed to grow TymeBank into a top tier retail bank in South Africa.

They have also entered into an agreement to launch a digital bank in the Philippines, testament to the innovation and digital banking capabilities TymeBank has built.

Of the total investment of R1.6bn, some R500m has already been invested.

The balance of R1.1bn will be invested over the next 12 to 15 months.

TymeBank values the global expertise that Apis and JG Summit will bring as shareholders and Apis as a Board member.

Apis has a strong focus on measuring the sustainability and societal impact of an investment in a company or business.

Apis’ experience through its network of payments companies, microfinance banks, and fintech platforms will provide valuable experience for TymeBank through its expansion phase.

Both Apis and the Gokongwei family made the investment in TymeBank based on the strength of TymeBank’s value proposition.

The new investment will allow TymeBank to further expand its range of banking products and grow its lending portfolio.

The bank will also seek to enhance its propositions in insurance, credit cards, and other value-added services to customers.

Patrice Motsepe, Chairman of African Rainbow Capital, majority owner of TymeBank, said: “As the controlling shareholder in TymeBank, African Rainbow Capital is delighted to have our new co-investors onboard. Equally important, Apis and the Gokongwei family invest in TymeBank at a time when significant uncertainty reigns globally and in South Africa as a result of the Covid-19 pandemic.”

“The invested amount of R1.6bn is no small feat – both in terms of drawing investment into South Africa’s financial services sector as well as investing into a fledgling part of the sector in our country. We look forward to a long-term partnership with Apis and the Gokongwei family.”

Tauriq Keraan, CEO of TymeBank, added: “The establishment of digital banks in South Africa is in its infancy. Growth in this particular segment of financial services is only possible with investments from partners who understand and support the growth trajectory of digital banks. Our new shareholders in TymeBank have significant experience in digital financial services in key emerging markets. We certainly look forward to learning from their experience to enhance our own offering to South African customers.”

 

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