Tyme Group scales its business thanks to the investment
Brazilian new bank Nubank has invested in digital bank Tyme Group in a Series D funding round. Tyme operates in Africa and Southeast Asia and serves 15 million customers.
Tyme strategically values supporting such a giant. Nubank is one of the largest neobanks in the world, with over 110 million customers using its platform.
The Series D funding round was extremely successful for Tyme. The bank raised US$250 million, and the startup’s total valuation was US$1.5 billion. In the last four years alone, the company has raised US$7 million in South Africa alone. In the Philippines, it operates through a joint venture with Gokongwei.
Nubank led the round with a US$150 million investment in digital banking. Another investor was Catalyst, which committed US$50 million. Existing shareholders also participated in the round, including:
– Founders;
– African Rainbow Capital;
– The Ethos AI Fund;
– Apis;
– Tencent;
– The Gokongwei Group.
Tyme co-founder Cohen Yonker noted the importance of the partnership with the Brazilian neobank. He believes it opens up new opportunities for the startup.
Partnership benefits
Nubank has extensive expertise in the following areas that are important to the company:
– data analytics;
– credit risk management;
– financial product development;
– marketing to promote the business.
The expertise of a major neobank will enable Tyme to expand its presence in Southeast Asia, particularly in the Philippines. By 2025, digital financial services in the region will reach US$50 billion.
Neobank has achieved impressive success in the Brazilian market. It has transformed financial services and made them accessible to a large number of consumers. In addition, digital technology has made transactions as convenient and fast as possible. Jonker hopes that Tyme will learn from the investor’s experience and scale up its operations.
David Velez, CEO of Nubank, is also positive about working with the digital bank. He believes that Tyme is well-positioned to become a leader in the region.
The company plans to use the funds to expand its operations in Vietnam and Indonesia. Demand for digital services is actively growing in these countries, increasing Tyme’s chances of success. The company’s primary focus is on those segments of the population that do not have access to traditional banking services.
The startup will not rest on its laurels. It is considering options to attract investment of around US$80 million. Tyme may raise a Series C round of funding in 2025.
