Tyme Group, a leading digital banking innovator operating across Africa and Southeast Asia, has raised $250 million in its Series D funding round. This milestone boosts the company’s valuation to $1.5 billion, cementing its position as one of the region’s notable fintech unicorns. Tyme joins Nigeria’s Moniepoint as one of the African fintechs to achieve unicorn status in 2024.
The funding round was led by Nubank, the world’s largest neobank with over 110 million customers across Brazil, Mexico, and Colombia. Nubank contributed $150 million, while M&G’s Catalyst fund and Tyme’s existing shareholders invested $50 million each. Beyond financial backing, this partnership brings strategic advantages, as Nubank’s expertise in data analytics, credit risk management, and product marketing will play a critical role in Tyme’s growth strategy.
Building on Success in South Africa and the Philippines
Tyme Group’s digital-first banking approach has already delivered remarkable results. In South Africa, TymeBank, launched in 2019, has grown to serve 10 million customers by offering accessible, low-cost banking services. Similarly, GoTyme Bank, launched in partnership with the Gokongwei Group in the Philippines in 2022, has surpassed 5 million customers in under two years.
Coen Jonker, CEO and Co-Founder of Tyme Group, highlighted the significance of Nubank’s involvement:
“Nubank transformed financial services in Brazil. We are excited by the value their thought partnership can bring, particularly in areas like data, product, and marketing – which are key to achieving leadership in our markets.”
Strategic Expansion into Vietnam and Indonesia
The newly secured capital will drive Tyme’s expansion into Southeast Asia, particularly targeting Vietnam and Indonesia. With Indonesia’s large population and thriving digital economy, Tyme is exploring acquisitions to secure a local banking license. According to Jonker, the company’s immediate priority is consolidating its leadership in the Philippines before replicating its success in Indonesia.
A Powerful Partnership with Nubank
David Vélez, Nubank’s Founder and CEO, expressed strong confidence in Tyme’s ability to lead in emerging markets:
“We believe the future of financial services lies in digitally native companies. Tyme Group is well-positioned to scale its model across Africa and Southeast Asia, and we are excited to work together to bring this vision to life.”
Driving Financial Inclusion in Emerging Markets
Tyme Group has made significant strides in promoting financial inclusion. To date, it has amassed over $400 million in deposits and facilitated $600 million in financing for small businesses. By prioritizing underserved communities, Tyme is helping bridge the financial services gap and aligning with global trends toward inclusive digital banking.
A Fintech Unicorn with Global Ambitions
Tyme Group’s rise to unicorn status reflects the transformative power of digital banks in emerging markets. As one of the few African fintech unicorns, Tyme has set its sights on scaling operations, achieving profitability, and delivering long-term value. With plans to go public by 2028, the company’s focus remains on optimizing operations, driving expansion across Africa and Asia, and solidifying its leadership in key markets.
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