🛍 Nubank leads $250M round in African digital bank Tyme at $1.5B valuation
Tyme Group, a fintech operating in South Africa and the Philippines, has raised $250 million in a Series D funding round, elevating its valuation to $1.5 billion. The round was led by Nu Holdings, which invested $150 million for a 10% stake, with additional contributions from M&G Catalyst Fund and existing shareholders.
Founded in 2019 and headquartered in Singapore, Tyme operates a hybrid digital banking model, offering checking and savings accounts, debit cards, and credit services. It serves 15 million customers, with its South African brand, TymeBank, having 10 million users, and GoTyme in the Philippines, launched in 2022, amassing 5 million users.
Tyme has raised over $400 million in customer deposits and provided over $600 million in financing to small businesses. It plans to expand into Vietnam and Indonesia next year. The company remains majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), which holds a 40% stake.
This funding marks a resurgence in investor interest in fintechs after a slowdown due to rising global interest rates. Tyme aims for a New York listing by 2028 and a secondary listing in South Africa. Nubank's investment aligns with its strategy to diversify into emerging markets, where digital financial services are underpenetrated. Nubank's CEO, David Vélez, expressed confidence in Tyme's potential as a leader in Africa and Southeast Asia.
💬 Source
📌 Powered by V3V Ventures
Tyme Group, a fintech operating in South Africa and the Philippines, has raised $250 million in a Series D funding round, elevating its valuation to $1.5 billion. The round was led by Nu Holdings, which invested $150 million for a 10% stake, with additional contributions from M&G Catalyst Fund and existing shareholders.
Founded in 2019 and headquartered in Singapore, Tyme operates a hybrid digital banking model, offering checking and savings accounts, debit cards, and credit services. It serves 15 million customers, with its South African brand, TymeBank, having 10 million users, and GoTyme in the Philippines, launched in 2022, amassing 5 million users.
Tyme has raised over $400 million in customer deposits and provided over $600 million in financing to small businesses. It plans to expand into Vietnam and Indonesia next year. The company remains majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), which holds a 40% stake.
This funding marks a resurgence in investor interest in fintechs after a slowdown due to rising global interest rates. Tyme aims for a New York listing by 2028 and a secondary listing in South Africa. Nubank's investment aligns with its strategy to diversify into emerging markets, where digital financial services are underpenetrated. Nubank's CEO, David Vélez, expressed confidence in Tyme's potential as a leader in Africa and Southeast Asia.
💬 Source
📌 Powered by V3V Ventures