Tyme Group, a digital banking group with operations in Africa and Southeast Asia, has raised US$250 million in a Series D funding round, valuing it at US$1.5 billion.
This round was led by Nubankone of the world’s largest neobanks with 110 million customers in Brazil, Mexico, and Colombia.
Nubank invested US$150 million, M&G’s Catalyst contributed US$50 million and Tyme’s existing shareholders invested the remaining US$50 million.
The investment will support the company’s expansion into new markets, including Vietnam and Indonesia, while increasing its presence in South Africa and the Philippines.
Founded in South Africa in 2019, TymeBank has rapidly grown to serve over 10 million customers.
The bank is collected Customer deposits exceeded USD 400 million, and loans to small and medium-sized enterprises exceeded USD 600 million.
Meanwhile, GoTyme Bank, the second digital bank to be launched in the Philippines in 2022 in partnership with Gokongwei Group, 5 million customers this year.
Cohen Jonker, co-founder and CEO of Tyme Group, said:
“Nubank has transformed financial services in Brazil. We are excited about the value that Nubank’s thought partnership and advice can bring to Tyme, especially in areas such as data analytics, credit risk management, product development, and marketing. This is a critical moment for Time, which we believe is the key to market leadership.”
David Vélez, Founder and CEO of Nubank, added:
“Since the founding of Nubank, we have believed that the future of global financial services lies in digitally native companies. We have met with dozens of teams across different regions, and Tyme Group We believe we are well-positioned to be the leading digital bank in Southeast Asia, and we are excited to collaborate with Tyme and share the many things we have learned in scaling this model to hundreds of millions of customers. I am.”
Featured image credit: Edited from freepic
