South Africa’s TymeBank plots $150m Series D round ahead of 2028 IPO
South African digital challenger TymeBank plans to raise $150 million ahead of launching an initial public offering (IPO), according to a report by Bloomberg.
TymeBank readies for IPO with Series D
TymeBank CEO and co-founder, Coenraad Jonker, said in a recent interview that the challenger is busy with “our series D capital raise at unicorn valuation”, which it expects to complete in Q4.
Reports from Bloomberg in January, when the latest funding round was initially proposed, indicated that the company was valued at $965 million. The anticipated new funds have been earmarked to support the enterprise’s expansion into the Philippine and Vietnamese markets.
Apart from accelerating expansion plans, the cash infusion is also expected to assist TymeBank in scaling up as it readies for an IPO. Any cash raised from the firm’s Series D will add to the $77.8 million bagged during a pre-Series C funding round completed a year ago.
On the matter, Jonker adds: “Our target is to list TymeBank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders.”
Launched in 2019, TymeBank, under the ownership of African tycoon Patrice Motsepe’s African Rainbow Capital and a part of the Tyme Group, claims to serve over nine million customers, as well as the accolade of the first digital bank to reach profitability in Africa.
