Tyme Picks Up US$70 Million Series B From Tencent and CDCby Fintechnews Africa 14 December 2021
Singapore-headquartered challenger bank Tyme has closed a US$180 million Series B round with fresh infusions from Tencent and CDC.
The company raised US$70 million from the China-based internet giant and UK impact investor, a statement from Tyme said.
Funds will be used to grow TymeBank in South Africa, and to fund its GOTyme solution in the Philippines. It will also help Tyme boost its risk management, and expand into markets where CDC has a presence.
Tyme had secured a digital bank licence with Filipino conglomerate the Gokongwei Group in August this year, with room for further international expansion.
The company was founded in South Africa in 2012 as a domestic digital remittance service provider. Earlier this year, it raised US$110 million in a Series B round from Apis Growth Fund II by Apis Partners, and the Gokongwei Group’s JG Summit Holdings.
Tyme has a presence in Singapore, South Africa, the Philippines and Vietnam
Tyme’s banking solution TymeBank has four million customers, the statement said. It has been expanding its offering through recent launches, such as a buy now pay later product MoreTyme, advance salary payments, and off-balance sheet products such as insurance. TymeBank currently holds RND 2.8 billion in deposit balances, with RND 33 billion in gross deposits since the start of the pandemic in March last year.
“Tyme’s global footprint now includes a product development and engineering hub in Ho Chi Minh city, Vietnam and banking businesses in South Africa and the Philippines.
We have successfully attracted a team of skilled people, which includes over two hundred engineers, and established strategy, business development, data, analytics and Artificial Intelligence (AI) functions in our global headquarters in Singapore,”
Coen Jonker, co-founder of Tyme, said.
Tyme is majority owned by Mauritius-based investment holding company African Rainbow Capital (ARC).
Featured image: Unsplash (edited)