TymeBank has attracted R1.6-billion in new capital from global investors as it prepares for stiffer competition in the digital banking space in South Africa.
The investment, by private equity investor Apis Growth Fund II and JG Summit Holdings, a family-owned conglomerate in the Philippines, will help to fund local growth and replicate its model outside South Africa. It gets the financial muscle from Apis, which focuses its investments on financial services and financial infrastructure businesses. What JG Summit brings is a massive infrastructure and hundreds of thousands of prospective customers through the businesses it owns in the Philippines, ranging from shopping malls and residential buildings to thousands of drug stores, supermarkets and hardware stores. It also has operations in Myanmar and Vietnam.
“We already have a bank, so we have the right infrastructure to connect the dots, knowing that the bulk of our customers in the conglomerate are those that we will target in the under-served market.” Malolos believes growth may come faster in the Philippines, which has a population almost twice that of South Africa and an even larger under-served market.
“In an emerging economy like South Africa the hybrid model is critical for scale; people still want to engage in a physical network,” Keraan said.
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