Poet Ntsiki Mazwai has thrown shade at YWBN Own The Bank after they announced that Idols SA judge Somizi Mhlongo bought shares from the bank!
READ HERE – Somizi Mhlongo Buys Shares At YWBN Own The Bank!
“Also starting a bank and then showing up with Somizi will make you lose credibility so quickly…” said Ntsiki Mazwai.
YWBN Own The Bank is founded by Nthabeleng Likotsi. She also confirmed that the bank does not have an operating license.
On Thursday YWBN Own The Bank came under fire when finance “guru” Koshiek Karan questioned and lambasted many of the bank’s operations.
“This bank does not have a license to operate & it’s commanding a R5-billion valuation. You’re paying for licenses, infrastructure & products that don’t exist. There is no product.
“Where the fuck is all this money going? A stake in Arsenal? This money is going to buying assets, developing IP, and product development. You’re effectively a pre-seed capital funder. There are no products immediately scalable here. This needs work. Lots & lots of work,” said Koshiek Karan.
READ HERE – Did Koshiek just nip DJ Euphonik in the bud?
In responding to Koshiek Karan, Nthabeleng Likotsi said: “It’s a prospectus of a potential BANK that has NOT been granted a license to operate. This is an indication of sectors the potential BANK will be focusing on, we are showing the potential investors where their money will be used for, the BENEFIT to the BLACK BUSINESSES!”
Koshiek Karan has also warned those who want to invest in the YWBN to be careful.
“This is a train wreck. The R5bn is a guesstimate. No clear assumptions. No analysis. No benchmarking. Pure guesswork. Guys, be safe out there.
“1. With R21m in deposits collected across 5yrs & R195k in monthly revenue. How do you get to a listing valuation of R5bn? 2. What is the cash value of the Founder’s contributions up to this point? These are basic questions that aren’t covered in the prospectus,” questioned Koshiek Karan.
“Again: the evaluation is for the benefit of BLACK BUSINESSES. Sweat equity: The founders and YWBN CFI shareholders took a risk back as far back as 2009 other from 2014 and contributed to what today we have as a Sec 11(1) Bank applications are NOT cheap, the risk is rewarded,” responded YWBN Own The Bank’s founder, Nthabeleng Likotsi.
To see people’s views on the matter click [HERE].