Digital banking group Tyme lands $77.8m in pre-Series C funding
Digital banking group Tyme has secured $77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital.
TymeBank has raised $77.8m pre-Series C
Tencent, an existing backer that took part in Tyme’s $180 million Series B fundraise, also increased its stake in this round to become the firm’s third-largest shareholder. African Rainbow Capital remains Tyme’s majority shareholder.
Founded in 2012, Tyme operates a multi-country digital bank focused on emerging markets in Asia and Africa, with locations in South Africa, Singapore, Hong Kong, and Vietnam. It launched its flagship offering TymeBank, a fully digital bank, in South Africa in February 2019, which now claims to have amassed more than seven million customers.
With the new funding, Tyme intends to accelerate its operations in South Africa and the Philippines (where it operates GoTyme Bank, a new digital bank), and plot its expansion across Southeast Asia. The company intends to close its Series C funding later in the year.
David Moore, principal of funds and co-investments at Blue Earth, says Tyme’s retail partnership model is “innovative” and enables “affordable access to first-class banking products to all consumers, including those most vulnerable or living in remote locations”.
In January, Tyme opted for Mambu’s core banking technology for GoTyme Bank, as well as future banks across Asia.
