Lower returns push Patrice Motsepe’s ARC out of Metrofibre
Investment holding company African Rainbow Capital is offloading its 8.7% interest in Metrofibre, which is valued at R268 million.
Motsepe’s TymeBank plans new salary advance products
The digital bank will introduce a buy-now-pay-later product called MoreTyme, as well as salary advance offerings, as it seeks to diversify its client base.
Investment firm, consortium buy 25.8% MetroFibre stake
The organisations agree to acquire a 25.8% interest in MetroFibre Networx held by Sanlam Private Equity, African Rainbow Capital and a minority shareholder.
TymeBank reaches 3m customers, 700 retail kiosks
The branchless bank bills itself among the world’s fastest-growing digital banks, on-boarding between 3 000 and 5 000 new customers daily.
MetroFibre, Investec sign R2.5bn debt funding deal
The financing will be used to extend the open access fibre network operator’s fibre connectivity into under-serviced homes and businesses.
Rain finds ‘window of 5G opportunity’ in spectrum impasse
The data-only mobile network operator says the delay in SA’s spectrum auction process is working in its favour, as it aggressively rolls out its 5G strategy.
Rain targets 2m customers, reaches R17.1bn valuation
The mobile network operator aims to rack up two million local customers over the next few years, as it reaches a R17.1 billion valuation.
TymeBank plans offshore expansion after scoring R1.6bn funding
The digital-only bank adds new board members and explores international opportunities after securing R1.6 billion in funding from investors in the UK and Philippines.
Bank Zero’s public launch hits snag amid COVID-19 interruptions
The digital-only newcomer delays its public launch and opts to run a “closed rollout” as a risk mitigation measure, amid the COVID-19 upheaval.
Patrice Motesepe’s TymeBank, Rain face COVID-19 hiccups
While Rain experienced faced certain ‘customer service challenges’ during the period, TymeBabk is tracking slightly behind its projections to attract clients.
Bank Zero on track for 2020 launch, says CEO
South Africa’s latest digital-only bank confirms it will be open to the public before the end of the year, with financial backing from seven investors.