ARC also said Ethos Artificial Intelligence (AI) had invested R200 million in the digital bank with Ethos now owning 8 percent of the bank. In a separate transaction, ARC will invest R100m into Ethos AI Fund.
Johan van Zyl, co-chief executive of ARC, said that ARC was pleased with how TymeBank’s management was executing the agreed strategy.
“Together with these co-investors and partners, we can significantly enhance TymeBank’s products and services to the benefit of its clients. This would be to the benefit of clients. If we achieve this, we are likely to on-board new clients over a sustained period of time and therefore meet the objectives of our business case,” Van Zyl said.
The Ethos AI Fund was launched in 2018, with a successful first close of R600m, and a final target size of R1 billion.