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Patrice Motsepe’s African Rainbow eyes fintech investments

Sets as much as R350 million aside.
Patrice Motsepe. Image: Simon Dawson, Bloomberg
African Rainbow Capital Investments is planning to expand its portfolio and has entered negotiations to add a fintech conglomerate to the group.

The firm, controlled by South African billionaire Patrice Motsepe through his Ubuntu-Botho Investments company, already owns branchless TymeBank and telecommunications business Rain, along with more diverse holdings spanning almost 50 companies.

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It has now set aside as much as R350 million for its new investment, co-Chief Executive Officer Johan van der Merwe said in an interview.

The fintech conglomerate includes “one or two advanced businesses and there are a few startups,” he said. “It’s still in negotiations.”

ARC is also in talks to attract new investors for TymeBank, which launched in 2019 and is expected to break even next year, Van der Merwe said.

The bank recently acquired a license to launch operations in the Philippines and is exploring other Asian markets after JG Summit Holdings, one of the largest conglomerates in the country, invested in the business.

© 2021 Bloomberg L.P.

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Why is it that the US media controls that of SA? Do they own it? Do they own everything? If they are so omnipotent then why is SA in such a financial mess? Such an employment catastrophe? Surely the Dems and their trillion dollar Biden can do something about this mess? Maybe it just suits their purpose to be this way?

The vaccine articles are that way.

You better hurry back there before your bemused audience forgets about you. You already missed some of my posts.

Not really interested in you or your posts. Thanks.

One of the reasons why the black youth are so angry today. Because of BEE gimme billionaires like this guy.

Yeah, pity you guys will still be the targets though.

You don’t need to tell me I am a farmer, been a target for years but am still supplying food to them.

End of comments.

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