Investors Up Their Bets As SA’s Top Digital Bank Invades Asian Markets
TymeBank achieved profitability in December 2023. ARC injected an additional ZAR 169 million into TymeBank.
TymeBank gets $9.5M investment amid 59% deposit growth and improved merchant credit
TymeBank secured R169 million investment from African Rainbow Capital. Deposits grew by 59% to R6.5 billion.
Lesaka Acquires South African Fintech Firm Adumo for $85.9 Million
Adumo, South Africa's largest independent payments processor, has been acquired by Lesaka for ZAR1.59 billion (US$85.9 million). Adumo has been on an acquisition spree, purchasing SwitchPay, WireCard, GAAP, SureSwipe, iKhokha, and other smaller payment startups.
South African Fintech Company Adumo Acquired By Lesaka In USD 85.9 M Deal
South African fintech company Adumo has been acquired by counterpart Lesaka in a deal worth USD 85.9 million. The acquisition price will be settled through the combination of stock issuance and cash.
Despite glimmers of profit, most African neobanks remain in the red
TymeBank became profitable for the first time in December 2023. TymeBank has had mega funding rounds and was valued at $965 million.
