African Rainbow Capital.

Patrice Motsepe’s African Rainbow Capital (ARC) has established a new insurance company known as African Rainbow Life.

The company differs from other insurers who serve the lower income groups, and have their sights on the broad spectrum of rainbow nation.

The new company is owned by ARC and Sanlam, which has already established a company to serve the lower income groups as target market.

With the Sanlam Sky. ARL of the former Afrikaner institution, a BEE agreement was made to stimulate matters.

The new insurance company was launched with a R2bn loan.

-Read the original article in Afrikaans on Die Vryburger
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Surely hosted in the cloud, the first fully digital bank in South Africa does not have branches. African Rainbow Capital, which is part of Ubuntu-Botho Investments owned by billionaire Patrice Motsepe’s is the new owner of TymeBank.

Three new banks were planned for 2019 and TymeBank is the first of the trio. The other two include Discovery Bank that will launch its app in March and Bank Zero which is the formers FNB CEO’s brainchild. ARC is the first majority black-owned bank that focuses on business and retail banking.

TymeBank belonged to the Commonwealth Bank of Australia and it was acquired by ARC in November 2018. It officially opened its doors today after its soft-launch in November. The digital-only bank offers an everyday transactiona
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