TymeBank is raising billions to build scale as it seeks to list on two seperate stock exchanges by 2028.
TymeBank, a South African digital bank backed by China’s Tencent Holdings Ltd., is raising $150 million to build scale as it prepares for an initial public offering, co-founder and Chief Executive Officer Coenraad Jonker said.
“Our target is to list TymeBank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders.” TymeBank is now one of the fastest-growing digital banks in Africa, said Jonker, and follows a similar business model to Brazil’s Nu Holdings Ltd., that also counts Tencent as a shareholder, and listed in New York in 2021.
TymeBank has gone head on with incumbent banks in the country, such as Africa’s biggest bank Standard Bank Group Ltd., and FirstRand Ltd.’s First National Bank, and is now the third largest and fastest growing lender by customer numbers, said Jonker.
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