African Rainbow Capital (ARC), an investment firm founded by Patrice Motsepe, recently acquired a 10% stake in TymeDigital, which is a subsidiary of the Commonwealth Bank of Australia, one of the world’s largest banks.
TymeDigital represents the first fresh banking license issued by the South African Reserve Bank since 1999. The company aims to launch a full-service digital bank to serve emerging middle-class consumers and under-serviced small and micro businesses. Even though TymeDigital will not have physical branches, it will create points of presence through a 10-year partnership with retail giant Pick n Pay. The bank hopes to be operational by the second quarter of 2018.
Patrice Motsepe, founder of mining company African Rainbow Minerals, has a net worth of $1.68 billion according the Forbes Real Time Ranking.
This article was first published on Forbes.com