TymeBank Achieves Unicorn Status with $250M Series D Funding
TymeBank, a South African-born digital bank operating in South Africa and the Philippines under the Tyme Group, has reached unicorn status following a $250 million Series D funding round. The latest raise brings Tyme Group’s valuation to $1.5 billion.
The funding was led by Nu Holdings, the parent company of NuBank, Latin America’s most valuable fintech, which invested $150 million for a 10% stake. M&G Catalyst Fund contributed $50 million, while existing shareholders provided the remaining $50 million.
Founded in 2019 and headquartered in Singapore, Tyme Group operates a hybrid digital banking model that combines online banking with physical service points. The company focuses on scaling digital banks in emerging markets, offering products like checking and savings accounts, buy now, pay later services, and cash advances.
TymeBank, with 10 million users in South Africa, has been instrumental in Tyme Group’s growth. In the Philippines, GoTyme—launched in 2022 through a partnership with the Gokongwei Group—has grown to 5 million users. Collectively, Tyme serves 15 million customers across its two markets, has raised over $400 million in customer deposits, and extended more than $600 million in financing to small businesses.
The latest funding brings Tyme’s total capital raised to nearly $600 million, underscoring renewed investor interest in fintechs after a global slowdown caused by rising interest rates. Tyme remains majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), which retains a 40% stake in the company.
With plans to expand into Vietnam and Indonesia next year, Tyme is solidifying its position as a leading fintech in emerging markets. It joins Nigeria’s Moniepoint as one of Africa’s fintech unicorns in 2024 and aims to list on the New York Stock Exchange by 2028, with a secondary listing planned in South Africa.
