Global digital banking group Tyme garners $77.8m, Tencent elevates stake

Global digital banking group Tyme garners $77.8m, Tencent elevates stake

Tyme, a leading digital banking group globally recognised for its swift expansion, has successfully secured a funding round of $77.8m.

With Norrsken22 and Blue Earth Capital injecting fresh capital, Tyme prepares to soar into new territories.

Tyme’s financial windfall is a culmination of investments led by Norrsken22, an African focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm. Remarkably, the funding round also saw the Chinese tech giant Tencent increasing its shareholding, fortifying its position as Tyme’s third-largest stakeholder.

Tyme’s innovative approach has spearheaded a transformative evolution in banking. Pioneering cloud-based infrastructure in South Africa, Tyme’s robust banking services ensure a seamless and efficient customer experience. TymeBank, the group’s South African flag-bearer, allows customers to open a fully regulated bank account in under five minutes, either online or via a TymeBank kiosk. Further enhancing its service offering, TymeBank’s SendMoney app enables users to transmit funds to any South African mobile phone in a mere nine seconds.

The newly acquired capital is slated to further propel Tyme’s operations in South Africa and the Philippines while laying the groundwork for future expansion into Southeast Asia. Tyme’s roadmap to democratise financial services by eliminating cost and access barriers remains the cornerstone of its expansion strategy.

Moreover, Tyme continues to resonate with an ever-expanding customer base, boasting a growth rate of 300,000 new customers per month across its markets. TymeBank’s burgeoning customer base, now over 7 million strong, stands testament to its successful penetration in the South African market. Notably, the bank’s hybrid model of digital banking paired with physical service has garnered unprecedented partnerships with national retailers and the largest church in South Africa.

Coen Jonker, co-founder of Tyme and TymeBank CEO, warmly welcomed the new investors stating, “We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story and its mission to democratise financial services by lowering cost and other barriers to access.”

Echoing his sentiments, Natalie Kolbe, Managing Partner at Norrsken22, and David Moore, Principal of Funds and Co-Investments at BlueEarth, expressed their excitement and confidence in Tyme’s journey and impact.

Further capital injections are anticipated, with Tyme’s Series C expected to close later in the year. Prior to this, Tyme completed its Series B in December 2021, amassing $180m with African Rainbow Capital (ARC) remaining Tyme’s majority shareholder. ARC’s founder and chairman, Dr Patrice Motsepe, reaffirmed his commitment, welcoming new investors to the table.

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