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Tyme Group , a South African fintech , has secured $ 250 million in a Series D turn , press its valuation to $ 1.5 billion .
The funding was led by Nu Holdings , which owns Latin America ’s most valuable fintech Nubank , invest $ 150 million for a 10 % stakes .
M&G Catalyst Fund invested $ 50 million , while existing shareholders leave the remaining $ 50 million .
Founded in 2019 , Tyme Group operates a intercrossed digital banking model that combines on-line banking with physical service touchpoints .
The Singaporean - headquarter Tyme focuses on build and scaling digital banks in emerge marketplace by offering checking and savings report with debit card , credit via buy now , pay later schemes , and cash onward motion . It says it has 15 million customers across its two market of South Africa and the Philippines .
Its South African brand , TymeBank , has 10 million users and has been a key number one wood of its growing . It has 5 million users of its Philippine brand , GoTyme , which it launched in 2022 in partnership with local conglomerate Gokongwei Group to figure Asia .
Tyme claim it has raised over $ 400 million in customer depositary and extended more than $ 600 million in financing to modest businesses across both market . The fintech plans to expand further into Vietnam and Indonesia next class .
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Nubank’s interest outside LatAm
Tyme , founded byTjaart van der Waltand chairmanCoen Jonker , remains majority owned by Patrice Motsepe ’s African Rainbow Capital ( ARC ) , which keep a 40 % stake in the company .
The support round , which takes Tyme ’s full capital raise to near $ 600 million , marks a famous recovery in investor interest in fintechs after a slowdown cause partly by rise sake rates across the human race . Tyme joinsNigeria ’s Moniepointas one of the few African fintechs to reach unicorn status this year .
Tyme is eyeing an IPO in New York by 2028 , with plan for a secondary listing in South Africa , accord to Jonker .
ForNubank , its investment in Tyme aligns with its blanket strategy to diversify geographically and tap into the growth electric potential of emerging markets outside Latin America .
While Nubank has cemented itself asa dominant playerin Brazil , Mexico , and Colombia , with over 100 million customers , its Congress of Racial Equality markets are becoming increasingly militant as rival like Neon and C6 Bank vie for market share .
“ Since the beginning of Nubank , we have trust that the hereafter of financial inspection and repair globally is of digitally - aboriginal companies . We have met dozens of teams across different geographies , and we think that Tyme Group is extremely well - positioned to be one of the digital bank loss leader in Africa and Southeast Asia . We are emotional to work with Tyme to deal many of our learnings of descale this model to hundreds of billion of customers , ” says David Vélez , laminitis and CEO of Nubank .
Tyme is n’t Nubank ’s first deal outside Latin America . In 2021 , the Brazilian fintechinvested in the Amerindic neobank Jupiter .
