Rainbow capitalism

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Buy Now, Pay Later: The Extraordinary Story of Afterpay by Jonathan Shapiro, James Eyers

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Partnering with start-ups was uncomfortable territory for CBA. It had taken tentative steps with an offshore player, South Africa’s TymeDigital, in 2015, but those efforts had been abandoned as CBA retreated from international markets. Tyme was ultimately sold to minority shareholder African Rainbow Capital in November 2018. The prevailing attitude in CBA’s self-assured management ranks under Ian Narev had been that ‘we are big enough to build it ourselves’, but Comyn was open to forming partnerships. Westpac had already made a $40 million investment in Zip back in 2017, backing this up with another $9 million in 2019.