Neobank Tyme closes $110m as it seeks Philippines banking license

Tyme, a neo bank focused on Asia and Africa, has raised $110m in funding, as it prepares to apply for a banking license in the Philippines.

Backers to the Series B include Apis Growth Fund II and JG Summit Holdings.

The priority for this capital is to further its growth in South Africa.

Funds will also be used to support its banking license application with the Bangko Sentral ng Pilipinas. With the license, the company hopes to grow financial access to underbanked and under-served Fillipinos.

The company is building a digital bank aimed at emerging markets in Asia and Africa. It offers lending, financial management and real-time cash withdrawals.

The TymeKiosk allows bank customers to easily open a bank account in a matter of minutes.

Since the platform launched in February 2019, it has attracted 2.8 million customers and claims to be rated the number two bank in South Africa by customers.

JG Summit president and CEO Lance Gokongwei said, “With the Philippines progressively going into digital banking to bring about better financial inclusion for a greater majority of its population, this augurs well to help us successfully deliver on our Purpose as a business – that of having an unrelenting commitment to provide our customers with better choices, creating shared success with our various stakeholders.”

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