Latest investment will support Tyme’s expansion into new markets such as Vietnam and Indonesia
Tyme Group, a digital banking group with operations across Africa and Southeast Asia, has raised $250 million in Series D funding at a $1.5 billion valuation.
The round was led by Nubank, one of the world’s largest neobanks with 110 million customers in Brazil, Mexico and Colombia.
Nubank invested $150 million, M&G Catalyst invested $50 million, and Tyme’s existing shareholders invested the remaining $50 million.
The latest investment will support Tyme’s expansion into South Africa and the Philippines, and into new markets such as Vietnam and Indonesia.
TymeBank was founded in South Africa in 2019 and has grown rapidly to serve over 10 million customers.
The bank has received more than $400 million in customer deposits and provided more than $600 million in financing to small businesses.
Meanwhile, its second digital bank, GoTyme Bank, launched in the Philippines in 2022 in partnership with the Gokongwei Group, has surpassed 5 million customers this year.
Cohen Jonker
Tyme Group co-founder and CEO Coen Jonker said,
“Nubank has transformed financial services in Brazil. We are excited to see the value that Nubank’s thought collaboration and advice can bring to Tyme, particularly in areas such as data analytics, credit risk management, product development, and marketing – which we believe are key to achieving market leadership. This is a significant moment for Tyme.”
David Velez
David Vélez, founder and CEO of Nubank, added,
“Since Nubank was founded, we have believed that the future of global financial services belongs to digital natives. We have met with dozens of teams across different regions and we believe that Tyme Group is well-positioned to become a digital banking leader in Africa and Southeast Asia. We are excited to partner with Tyme and share the many lessons we have learned in scaling this model to hundreds of millions of customers.”
Featured Image Credit: Freepik Edit
This article was originally published on Singapore Fintech News.