Patrice Motsepe, Africa’s first black billionaire and Southern Africa’s wealthiest black individual, has experienced a comeback in his net worth, increasing by $200 million in 17 days after a recent dip that saw his net worth drop.
Motsepe, renowned for becoming Africa’s first black billionaire in 2008 due to the success of his mining group, African Rainbow Minerals (ARM), now boasts a net worth of $2.4 billion, up from $2.2 billion on October 20.
This financial recovery aligns with ARM’s recent share rally, with the company’s shares rebounding from a low of R149.94 ($8.2) in October to R166.3 ($9.1), highlighting the mining giant’s resilience in the face of market challenges.
It was once reported that Motsepe would become $1.1 billion poorer in 2023, largely owing to the faltering stock price of ARM. But the recent rally of stock prices has bolstered his net worth
The rebound in Motsepe’s net worth can be attributed to the surge in the market value of his 40.37% stake in ARM, a leading South African mining powerhouse involved in diverse mining projects, including iron, coal, copper, gold, platinum, and other precious metals.
Additionally, Motsepe has witnessed a boost in his private investments, including indirect holdings in TymeBank, South Africa’s leading digital bank.
TymeBank, partially owned by ARC Financial Services Holding, an entity under Ubuntu-Botho Investments (UBI) founded by Motsepe, has achieved a significant milestone by surpassing 8 million customers in less than five years since its inception, further solidifying its presence in the financial industry.
The bank recently scaled the 7 million customer mark, indicating its rapid growth. TymeBank is now set on expanding into the promising Vietnamese market, driven by its unique model that seamlessly combines a digital presence with kiosks in major retailers.
Its partnership with The Foschini Group (TFG), a leading retail clothing conglomerate with 28 million members, has been a key driver of this expansion.
In May, the South African digital banking platform TymeBank raised $77.8 million in a pre-Series C round led by African-focused growth-stage fund Norrsken22 and Swiss global impact investment firm Blue Earth Capital.