Tyme Group, a major player in digital banking, has strengthened its goal of becoming the top fintech company in emerging countries by raising $250 million in its most recent Series D fundraising round.
Tyme is now valued at $1.5 billion thanks to the fundraising, which was spearheaded by Nu Holdings, the most valuable fintech in Latin America. While M&G Catalyst Fund and current owners contributed $50 million each, Nu Holdings committed $150 million for a 10% interest.
The Tyme Group, which has its Headquarters in Singapore, mainly conducts business in South Africa and the Philippines under the TymeBank and GoTyme Bank brands. The company has grown to become one of Africa’s few fintech unicorns, with over 15 million customers, and plans to expand into Vietnam and Indonesia by 2025.
Underbanked populations’ financial requirements have been met in part by its hybrid banking strategy, which combines digital platforms with physical service locations.
Nu Holdings’ most recent investment fits with its plan to enter underserved financial areas. Given its dominant positions in Brazil, Mexico, and Colombia, Nu Holdings views Tyme as a springboard for expansion into Asia and Africa, two continents characterized by high rates of unbanked people and growing smartphone use.
According to Tyme Group Co-founder and Chairman, Coen Jonker: “Having Nu Holdings as a shareholder not only brings financial support but also provides strategic counsel for our expansion plans.”
He emphasized the organization’s commitment to enhancing the financial well-being of millions of people in all of its working regions.
Tyme has been aggressively growing its business in addition to obtaining capital. In South Africa and the Philippines, it has accumulated $400 million in customer deposits and provided more than $600 million in funding to small businesses.
Launching merchant cash advances in Vietnam and starting its first transactions in Indonesia are examples of recent developments. With intentions to make GoTyme the nation’s top retail bank, Jonker stated that the Philippines continues to be a primary priority.
Next on the list is Indonesia, where Tyme is looking at acquisition possibilities to obtain a banking license. Tyme is getting ready for an initial public offering (IPO) by 2028, and this fundraising round might be its last. In South Africa, where the business strives for a return on equity above 30%, the emphasis in the upcoming years will be on streamlining operations and attaining robust returns.
BrandSpur banking and finance news reports that Tyme Group, one of the few Black-owned and controlled commercial banks in South Africa, is promoting digital banking innovation and inclusivity while supporting the financial industry in developing nations.
