Singapore-based digital banking group Tyme has successfully raised $250 million, bringing the business a ‘unicorn’ status.
Tyme announced it achieved a $1.5 billion valuation upon its $250 million Series D Capital Raise led by Nubank. The funding round is the largest fintech raise recorded this year in South-East Asia.
Tyme Group, a multi-national digital banking entity, is focusing on emerging markets from South Africa to the Philippines and beyond. The group operates as TymeBank in South Africa and as GoTyme in the Philippines. It already has about 15 million customers in Africa and South-East Asia and is currently planning its expansion into Vietnam and Indonesia.
The latest fundraise brought Brazilian Nubank – one of the world’s largest independent neobanks and a leader in the Latin American fintech space – to the list of Tyme’s shareholders, with a major $150 million investment. The banking group received additional contributions from M&G’s Catalyst Fund ($50 million) and other existing shareholders ($50 million) such as African Rainbow Capital.
Fresh funding aims to propel Tyme’s expansion into Southeast Asia. Besides investments, the Nubank partnership offers Tyme significant digital banking expertise and resources to boost its market presence.
“Nubank transformed financial services in Brazil. We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing – levers we believe are key to achieving leadership in our markets. This is a moment of great significance for Tyme.”
Coen Jonker, Co-Founder and CEO of Tyme Group
In earlier funding rounds of 2023 and 2021, Tyme raised $77.8 million and $110 million, respectively. Its investors include the Founders, African Rainbow Capital, The Ethos AI Fund, Apis Growth Fund II (‘Apis’), Tencent, The Gokongwei Group, British International Investment (BII), Norrsken 22, Blue Earth and Lavender Hill Capital Partners.
In 2022, TymeBank acquired fintech loan company Retail Capital. Currently, the financial institution also offers its clients health insurance and funeral insurance. According to the bank group management, as of December 2023, the neobank became the first digital bank in Africa to register sufficient customer adoption for profitability.
