Tyme Group, a digital bank group operating across Africa and Southeast Asia, has raised US$250 million in its Series D funding round, valuing it at US$1.5 billion.

The round was led by Nubank, one of the world’s largest neobanks with 110 million customers across Brazil, Mexico, and Colombia.

Nubank invested US$150 million, while M&G’s Catalyst contributed US$50 million and Tyme’s existing shareholders invested the remaining US$50 million.

The latest investment will support Tyme’s expansion into new markets, including Vietnam and Indonesia, building on its presence in South Africa and the Philippines.

TymeBank, launched in South Africa in 2019, has rapidly grown to serve over 10 million customers.

The bank has garnered over US$400 million in customer deposits and extended over US$600 million in financing to small businesses.

Meanwhile, its second digital bank, GoTyme Bank, launched in the Philippines in 2022 in partnership with the Gokongwei Group, has surpassed 5 million customers this year.

Coen Jonker, Co-Founder and CEO of Tyme Group, said,

“Nubank transformed financial services in Brazil. We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing – levers we believe are key to achieving leadership in our markets. This is a moment of great significance for Tyme.”

David Vélez, Founder and CEO of Nubank, added,

“Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”

Featured image credit: Edited from Freepik

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