Advertise with fastmoving.co.za
 
 

The digital bank was launched in February and operates via kiosks at Pick n Pay and Boxer Stores.
The digital bank was launched in February and operates via kiosks at Pick n Pay and Boxer Stores.

TymeBank nearly at 500,000 clients, ARC Investments says

MARKETING NEWS

By Nick Hedley - Jun 10th, 15:15

TymeBank is on track to have 500,000 clients within the next three weeks, according to parent company African Rainbow Capital Investments (ARC Investments). 

The digital bank, which was launched in February and operates via kiosks at Pick n Pay and Boxer Stores, has signed up more than 400,000 clients to date, Patrice Motsepe’s ARC Investments said.

The bank “is aiming to get to 500,000 clients by July 2019”, and to two-million clients within three years, including 200,000 customers who use the platform as their primary bank account.

“Potential strategic partners are engaged with the aim of establishing partnerships that could assist in meeting the bank’s growth objectives,” ARC Investments said.

The Ethos Artificial Intelligence (AI) Fund had agreed to invest R200m in TymeBank for an 8% stake, the company said.

At the same time, ARC Financial Services would invest R100m into the Ethos AI Fund, which was launched in October 2018 and has a target size of R1bn.

ARC Investments said mobile operator Rain, which it partly owns, would pilot the distribution of its SIM cards via TymeBank kiosks.

“Rain is making good progress with the rollout of its strategy of establishing a data network,” the investment company said.

By the end of April, Rain had 3,074 live sites. The network operator plans to launch an ultra-fast 5G network by the end of 2019, which would make SA one of the first countries in the world to have a 5G network.

In the first five months of 2019, the ARC Fund made net investments of R348m, and had cash of about R700m available for future investments, ARC Investments said.

The group said its new international investment business, Arch Emerging Markets Partners, was focused on establishing a renewable energy fund, a “cold-chain solutions East Africa fund”, a credit fund and a resources fund.

The Arch Africa Renewable Power Fund achieved a first close at $105m in February 2019 and was targeting a final close of $250m.

The fund aims to launch between 10 and 15 renewable energy projects across Sub-Saharan Africa.

The ARC fund would invest $30m in the fund, which had also received capital from the African Development Bank Group and the European Investment Bank.Business Live 

Related News

Woolworths carves out market share in SA
27/11/2019 - 10:11
In Australia, David Jones's sales declined 2.1%, with the company saying a store refurbishment contributed to the decline.

Push and pull strategies work together to keep consumers coming back for more
26/11/2019 - 10:20
The retail sector is under increasing pressure as consumers have shrinking disposable income in a strained economy. Maintaining share of wallet is critical. Relying solely on a push route to market strategy from manufacturers into retailers is not enough to get consumers buying products. A pull strategy needs to coexist with the push to drive brand consumption. Integrating these strategies requires intelligent and insightful decision-making. This, in turn, requires data generated through smart technology which provides line of sight across the value chain from manufacturer to distribution, retailer to the consumer.

Exclusive leases must fall: Commission cracks whip on Shoprite, Pick n pay, Spar, Woolies
26/11/2019 - 09:57
The Competition Commission Inquiry into Grocery Retail, published on Monday, called for an end to the exclusive leases negotiated by national retail chains in all shopping malls across the country in a bid to open up access to markets for smaller players.

Today’s customers are loyal to speed and convenience, not brands
25/11/2019 - 11:15
Consumer expectations are rapidly shifting as technologies such as mobile, geolocation, social media and increasingly, Internet of Things devices and wearables, connect people to a world of easily accessible information and convenient services. With the ability to browse, compare and order with a few swipes and taps, consumers are becoming trained to value convenience and service above nearly anything else.

Gearing FMCG manufacturing for the red season spike and maximising profits all year round
25/11/2019 - 11:03
As we enter the festive season, demand for Fast-Moving Consumer Goods (FMCG) increases rapidly, often leaving manufacturers scrambling to fulfill orders from their distribution channel. If demand cannot be met, then loss of revenue is inevitable. However, over-production is not an ideal solution either, as it can leave manufacturers sitting with unsold stock that costs money to store.