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TymeBank secures R1.6bn investment
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TYMEBANK said it had secured an investment of R1.6 billion from new investors in the UK and Philippines, as the leading South African digital bank, earmarking the funds to bolster its growth and secure its path to commercial success.
TymeBank said the investment represents a strong endorsement for both TymeBank as one of the world’s fastest growing digital banks and for South Africa’s banking sector overall. TymeBank is the first bank in South Africa to be operated fully off a cloud-based infrastructure network and is also the first bank to be granted a commercial banking licence since 1999.