Crossfin Technology Holdings, a fintech investment firm, has been acquired by a consortium of investors, including Patrice Motsepe’s African Rainbow Capital.
TymeBank is likely to break even in 2022. Discovery Bank, by contrast, is targeting breakeven in approximately three years’ time.
African Rainbow Capital Investments is planning to expand its portfolio and has entered negotiations to add a fintech conglomerate to the group.
Rain has enjoyed a surge in demand for wireless broadband in the past year thanks to the lockdown and work-from-home measures. It now plans to bid for more spectrum.
South African fibre telecommunications infrastructure company MetroFibre Networx has raised R2.5-billion in new debt financing, led by Investec, adding to the R1.5-billion recently raised from shareholders.
Rain, the first operator in South Africa to deploy a commercial 5G network, plans to roll out 2 000 5G high sites across South Africa’s main urban centres, although there is no timeframe for the build.
South African fibre broadband provider MetroFibre Networx has raised R1.5-billion in a new funding round led by infrastructure-focused private equity fund manager African Infrastructure Investment Managers.
South African blockchain-based renewable energy start-up Sun Exchange has raised R50-million from a company backed by one of the country’s richest businessmen.
Patrice Motsepe’s African Rainbow Capital has increased the value it attaches to telecommunications operator Rain to R12.1-billion.
African Rainbow Capital has attached an intrinsic value to telecommunications upstart Rain of R11.7-billion, or almost a third of Telkom’s market capitalisation.