Just when it seemed like the fintech unicorn wave had slowed down, Africa proves it’s still in the game.
Tyme Group, a digital banking leader with operations in South Africa and the Philippines, has officially entered the tech elite after securing $250 million in its Series D funding round. The milestone makes Tyme one of Africa’s newest fintech unicorns, joining Nigeria’s Moniepoint in achieving this status in 2024.
The funding round was led by Nu Holdings Ltd. (Nu), which invested $150 million. The M&G Catalyst Fund contributed $50 million, while Tyme Group’s existing shareholders added another $50 million. With this latest boost, Tyme Group’s total funding surpasses $600 million.
With 15 million customers already under its belt, Tyme Group is now targeting Southeast Asia, with plans to enter Vietnam and Indonesia. The fresh capital will drive this expansion and lay the groundwork for a highly anticipated public listing by 2028.
“This funding will propel our growth strategy, enabling us to realize our stated goal of being a top three retail bank in South Africa in the next three years,” said Karl Westvig, CEO of TymeBank in South Africa.
“Additionally, the enhanced credibility and market visibility that comes with the affiliation with Nubank, along with the large established networks of global investors, including GIC, Berkshire Hathaway, helps pave the group’s path towards a potential listing by 2028,” he added.
In October 2022, the Tyme group expanded to the Philippines with its second digital bank, GoTyme, launched in partnership with the Gokongwei Group. The group’s largest shareholder is African Rainbow Capital, controlled by African billionaire Patrice Motsepe.
