Digital banking group Tyme announced the attraction of investment funds for $77.8 million following the results of the Series C financing round.
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On the occasion of receiving new financing, the banking group, headquartered in Singapore, published a press release containing information about the company’s intentions regarding the use of the received investment funds. This money will be used to expand the scope of the firm’s activities in the Philippines and South Africa. Also, a little later, the company intends to spend part of the funds raised to activate its work in Southeast Asia. The money remaining after the implementation of the first two intentions, the banking group will direct to a partial repurchase of shares.
The press release indicates that two new investors took part in the funding round, among them the Norrsken22 Technological Growth Fund, which is focused on operating in Africa, and the independent global investment company Blue Earth Capital (BlueEarth). Also, firms that previously financed the banking group joined this process.
Cohen Yonker, the co-founder of Tyme and CEO of TymeBank, said that he was pleased to welcome Norrsken22 and Blue Earth Capital to a group of high-class investors who showed interest in the company’s history and decided to support its mission, the main goal, and meaning of which is the democratization of the financial services market.
Tyme focuses its efforts and resources on emerging markets and operates as TymeBank in South Africa and as GoTyme in the Philippines. The relevant information is contained in the company’s press release. The firm also reports that within the framework of current trends, the customer base is increasing by 300 thousand new consumers every month.
The company, as the main result of its activity, determines the provision of access to banking sector services for representatives of all layers of the economic system. The firm offers something like a hybrid structure that combines traditional physical service and digital banking. At the same time, the company strictly follows the principle of financial accessibility of its product.
David Moore, BlueEarth’s Director of Funds and Joint Investments said that Tyme’s innovative retail partnership model provides access to banking products to all consumer groups, including the socially vulnerable and those living in remote areas.
The previous funding round of Tyme took place in February 2021. Then the company raised investment funds for $110 million.
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