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South Africa’s first Black-owned bank has hit unicorn status, POCIT reports. Tyme Group, founded in 2019, is majority-owned by billionaire Patrice Motsepe, notes Bloomberg. The platform was designed to make digital banking more affordable and accessible, and it has been an overwhelming success with online and physical banks throughout South Africa and the Philippines. According to TechCrunch, it has attracted 10 million users since its inception and reached an additional 5 million users through its Philippine brand, GoTyme. GoTyme allows users to create an account via its bank app. Customers can then receive an ATM debit card instantly and retrieve it at a kiosk. Tyme Group says it has allocated $600 million in financing to support small businesses and has raised $400 million in customer deposits. Now it is seeking to extend its reach in new markets, which include Vietnam and Indonesia by 2025. This will be made possible in light of a $250 million round led by digital bank Nu...
The African startup economy is growing faster than the global economy. Last year, various African startups celebrated wins displayed in dollar signs. There was a slew of high-performing investment rounds which included uLesson ($15M), Metro Africa Xpress Inc. ($31M), and MFS Africa ($100M). We could certainly go on but those numbers are proof that African startups are growing at a rate we have not seen before. According to a LinkedIn posting by Founders Factory Africa’s Accelerator Lead Nicole Dunn, it was said that African startups raised $1 million every two hours in 2021 with a total of $4.9 billion invested in African startups. Now more than ever, investments are soaring in Africa. Here is why.