Tyme raises $77.8 million in a pre-Series C round led by Norrsken22 and Blue Earth Capital

Tyme, the parent body of a South African digital bank TymeBank, announced that has raised $77.8 million in a a pre-Series C round led by Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm. Other participants in this round include Tencent which increased its stake in the company to become its third-largest shareholder. African Rainbow Capital (ARC) owned by South Africa’s Dr Patrice Motsepe remains Tyme’s majority shareholder.

With its global headquarters in Singapore and main development hub TymeX in Vietnam, Tyme is a multi-country digital banking group, focused on bridging the digital divide in emerging markets, by integrating into physical retail ecosystems

Tyme intends to use the funds being raised to further expand its operations in South Africa, the Philippines, Southeast Asia and a partial share buyback at a higher valuation than the previous capital raise.

Tyme claims to have a revenue run rate of over $100m per annum and Tyme’s banking operations across South Africa (TymeBank) and the Philippines (GoTyme) are growing at a pace of onboarding more than 300,000 new customers a month.

Since its launch in February 2019, TymeBank has grown its customer base to over 7 million customers. The bank registers 25 million transactions per month with more than 70% 30-day account activity rate.

David Moore, Principal of Funds and Co-Investments at BlueEarth, stated: “We invested in Tyme Group thanks to our long-standing partnership with Apis Partners who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion. BlueEarth is excited about backing Tyme’s innovative retail partnership model which enables affordable access to first-class banking products for all consumers, including those most vulnerable or living in remote locations.”

Commenting on their investment, Natalie Kolbe, Managing Partner at Norrsken22, said: “We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analysed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups. The exceptional management team have already built one of the largest challenger banks in the world, and we are looking forward to being part of the next phase of their journey.”

Coen Jonker, Co-founder and Chairman of Tyme, commented: “We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story, and its mission to democratise financial services.”

Tyme says it is working with interested investors, on the Series C expected to close later in the year.