Tyme Bank Secures \(250M Series D Funding at \)1.5B Valuation
Key Highlights of the Investment Round
- $250M raised in Series D funding, valuing Tyme Group at $1.5 billion
- Nubank leads with $150M investment for a 10% stake
- M&G Catalyst Fund contributes \(50M, existing shareholders provide remaining \)50M
About Tyme Group
Founded in 2019, Singapore-headquartered Tyme Group operates a hybrid digital banking model combining:
- Fully digital banking platforms
- Physical service touchpoints for customer accessibility
Current Market Presence
- 15 million customers across South Africa and Philippines
- TymeBank (South Africa): 10M users
- GoTyme (Philippines): 5M users (launched 2022 via Gokongwei Group partnership)
- $400M+ in customer deposits
- $600M+ financing extended to small businesses
Strategic Expansion Plans
- New markets: Vietnam and Indonesia targeted for 2025
- IPO roadmap: Planning New York listing by 2028 with potential secondary listing in South Africa
Why Nubank Invested
David Vélez, Nubank CEO, stated:
“We believe Tyme Group is extremely well-positioned to be a digital banking leader in Africa and Southeast Asia. We’re excited to share our scaling expertise.”
Nubank’s Global Strategy
- First major investment outside Latin America since 2021 Jupiter neobank deal
- Diversification move amid increasing competition in core Brazilian/Mexican markets
African Fintech Landscape
- Tyme joins Moniepoint as one of few African fintech unicorns in 2024
- Signals renewed investor confidence after fintech funding slowdown
- Majority ownership remains with Patrice Motsepe’s African Rainbow Capital (40% stake)
The Hybrid Banking Advantage
Tyme’s unique model combines:
- Digital-first account opening and management
- Physical kiosks for cash transactions and customer support
- Multi-product offering: Checking/savings accounts, debit cards, BNPL, and SME financing
This approach has proven particularly effective in emerging markets where cash usage remains significant alongside growing digital adoption.
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