Table of Contents
Key Points
- Patrice Motsepe’s net worth declined by $200 million in December, driven by drops in Harmony Gold and African Rainbow Minerals’ share prices.
- Tyme Group raised $250 million, boosting its valuation to $1.5 billion and securing status as one of Africa's top fintech unicorns.
- TymeBank reached 10 million customers in South Africa, reinforcing its role as the only Black-owned and Black-controlled commercial bank in the country.
Africa’s first Black billionaire, Patrice Motsepe, has seen his net worth decline by $200 million in December, despite a milestone achievement by one of his investee companies, Tyme Group.
The fintech company raised $250 million in its latest funding round, boosting its valuation to $1.5 billion and cementing its position among Africa’s unicorns. The decline in Motsepe's wealth has been spurred by the recent drop in the market value of his mining investments.
Starting the festive month with a net worth of $2.9 billion, Motsepe, 62, who became the first Black African on the Forbes list in 2008 thanks to his successful mining ventures, has seen his fortune fall to $2.7 billion.
This represents an average loss of $7.4 million per day since December 1, driven by the performance of his investments in Harmony Gold, South Africa's largest gold miner, and African Rainbow Minerals (ARM), where he holds a 40-percent stake.
Tyme Group secures $250 million from Nubank
Harmony Gold and ARM have seen their share prices decline by over 7.4 percent and nearly 6 percent, respectively, in the past month. This has dragged their market capitalizations below $5.5 billion and $2 billion, fueled by recent selling interest in the shares of both companies.
These market dynamics have impacted Motsepe’s mining portfolio, offsetting gains made earlier in the year and reducing his year-to-date wealth increase to $100 million, down from $300 million at the start of December.
In contrast, Motsepe’s fintech ambitions have gained momentum through Tyme Group, where his African Rainbow Capital Investments holds a 40-percent stake. Tyme Group’s $250 million funding round was led by Brazil-based Nu Holdings Ltd., Latin America’s most valuable financial company, which invested $150 million for a 10-percent stake.
Nu Holdings, the parent company of Nubank—the world’s largest standalone digital bank with over 110 million customers—has signaled strong confidence in Tyme’s growth potential.
TymeBank reaches 10 million customers
Tyme Group operates as TymeBank in South Africa, where it has attracted over 10 million customers since its 2019 launch, solidifying its position as South Africa’s only Black-owned and Black-controlled commercial bank.
The funding milestone also highlights a recovery in global fintech investment, which had slowed due to rising interest rates. Tyme now joins Nigerian fintech Moniepoint as one of Africa’s standout unicorns this year. Moniepoint, led by Nigerian entrepreneur Tosin Eniolorunda, raised $110 million in a Series-C round in October, with participation from Google.
Motsepe’s support for Tyme Group reflects his broader push for innovation-driven financial inclusion across Africa and beyond. As Tyme scales its operations and advances toward an IPO, the digital lender is poised to play a pivotal role in reshaping financial services in emerging markets, even as Motsepe navigates challenges in his mining portfolio.
