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(Bloomberg) — Tyme Group, a virtual lender controlled through South African billionaire Patrice Motsepe, could raise as much as $100 million in investments this year, propelling it to unicorn status.
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The bank, founded just five years ago, is valued at $965 million, Chief Executive Coenraad Jonker said in an interview: “We think we’ll most likely pass the $1 billion mark if we reach the $100 billion investment target,” he said.
Tyme will spend some of the fresh funding during the second quarter on entry into Vietnam — a fast-growing $470 billion economy with a young population and relatively low unemployment, he said.
Tyme, majority-owned through Motsepe’s African Rainbow Capital, has a presence in South Africa, where it has amassed more than 8. 5 million consumers in five years. It also operates in the Philippines in a joint venture with Gokongwei Group and has 2. 3 million users. The lender is adding 1 million consumers a month in either market, Jonker said.
“We will be launching more features, our virtual card proposition, and expanding our private lending offering to appeal more to wealthier customers,” Jonker said. “This is a vital component of our progress to become one of the three most sensible banks. »
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