Tyme Group, a leading digital banking innovator operating across Africa and Southeast Asia and backed by South African billionaire Patrice Motsepe, has secured $250 million in its Series D funding round, propelling its valuation to $1.5 billion and firmly establishing it as one of the region’s notable fintech unicorns. It joins Nigeria’s Moniepoint as one of the African fintechs to achieve unicorn status this year.
The funding was led by Nubank, the world’s largest neobank with 110 million customers spanning Brazil, Mexico, and Colombia. Nubank contributed $150 million, while M&G’s Catalyst and Tyme’s existing shareholders invested $50 million each. The investment brings more than capital; it creates a strategic partnership with Nubank, whose expertise in data analytics, credit risk management, and product marketing is expected to fuel Tyme’s ambitious growth plans.
Building on Success in South Africa and the Philippines
Tyme Group’s digital-first strategy has already yielded impressive results. In South Africa, its flagship TymeBank, launched in 2019, has grown rapidly to serve 10 million customers, driven by its focus on accessible, low-cost banking. Meanwhile, GoTyme Bank, a partnership with the Gokongwei Group, was launched in the Philippines in 2022 and surpassed 5 million customers in under two years.
Coen Jonker, CEO and Co-Founder of Tyme Group, underscored the importance of this funding, stating:
“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.”
Expansion into Vietnam and Indonesia
The fresh capital will support Tyme’s strategic push into Southeast Asia, targeting markets like Vietnam and Indonesia. With Indonesia’s sizable population and growing digital economy, Tyme is exploring acquisitions to secure a local banking license. Jonker noted that Tyme’s first goal is to consolidate its leadership position in the Philippines before repeating the success story in Indonesia.
A Strategic Partnership with Nubank
Nubank’s founder and CEO, David Vélez, expressed confidence in Tyme’s potential to lead digital banking in emerging markets. Vélez remarked:
“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
Tyme has already had a meaningful impact, amassing over $400 million in deposits and facilitating $600 million in financing for small businesses. This focus on supporting underserved communities and driving financial inclusion aligns with global trends toward inclusive digital banking.
A Fintech Unicorn with Big Ambitions
As one of the few fintech unicorns in Africa, Tyme Group’s success underscores the increasing role of digital banks in transforming financial services across emerging markets. With plans to IPO by 2028, Tyme’s focus will remain on executing its expansion plans, optimizing operations, and achieving profitability in key markets.