The leading digital banking platform TymeBank South Africa, says it has raised a record $110 million series B funding led by the private equity asset manager, Apis Partners and also partnered with JG Summit to apply for licence to bring financial access to the underbanked and under-served in the Philippines.
TymeBank South Africa will use the funding to expand its operations in the country. The investment is reported to have been completely negotiated virtually, representing a statement that TymeBank South Africa is one of the world’s fastest growing digital banks.
Having launched in February 2019, TymeBank South Africa has already pulled more than 2.8 million customers on to the platform and rated the second highest bank in the country by customers.
The excited co-founder of TymeBank South Africa, Coen Jonker, who is also its Executive Chairman, speaking on the deal said,
“Internationally, digital banks are starting to take significant market share from traditional players. More importantly, they are bringing industry transformation and helping more people participate in the economy.”
Jonker further stated that both entities namely Apis and JG Summit, have so far proven their commitment to this cause and as a digital bank they couldn’t wait to work with them in South Africa, the Philippines and beyond.
“As the controlling shareholder in TymeBank, African Rainbow Capital is delighted to have our new co-investors onboard. Equally important, Apis Growth Fund II and the Gokongwei family invest in Tyme at a time when significant uncertainty reigns globally and in South Africa as a result of the Covid-19 pandemic.”
Dr Motsepe stressed the fact that the investment of US$110 million is ‘no small feat,’ in terms of drawing investment into South Africa’s financial services sector and also putting money in a fledgling part of the sector in his country. He assures that he looks forward to a long-term partnership with Apis Partners and the Gokongwei family – owners of JG Summit Holdings of Philippines.
According to the Managing Partner of Apis Partners, Mr Matteo Stefanel, as experienced investors in financial services, they were exhilarated teaming up with TymeBank South Africa who possess an exceptional business in a competitive market.
Stating they were confident that the investment will accelerate TymeBank’s growth and already impressive onboarding figures.
The fintech startup also indicated that certain aspects of the transaction remain subject to regulatory approvals.
TymeBank South Africa is at the moment one of the world’s fastest-growing digital banks as it on-boards between 110K and 120K clients every month. It is a bank designed to meet the needs of the underserved and under-serviced communities in the Southern African nation.
Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance
The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.
The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.
Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies.
Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.
With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity.
According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,
“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”
At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services.
IK Kanu, Partner at Atlantica Ventures noted that,
“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.”
Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.
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