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.
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.- moneyweb
