Tyme Bank Secures $250M, Hits $1.5B Valuation
A South African fintect, Tyme Group, has secured $250M in a series D round, pushing its valuation to $ 1.5B. The funds was led by Nu Holdings, which owns Latin America’s most valuable fintech Nubank, Investing $150M for a 10% stake.
M&G catalyst funds invested $ 50M, while the existing share holders provided the rest of the $50M.
Tyme founded in 2019, operates a hybrid digital banking model that combines online banking with a means of traditional physical services touchpoints.
Tyme a Singaporean headquarters focuses on building and scaling digital banks in emerging markets by offering checking and savings accounts with debit cards. With 15M customers across its two markets of South Africa and the Philippines. Tyme’s funding total capital nearly $600M,marks a notable recovery in investors interest in fintechs after a slowdown caused partly by rising some interest rates across the world. Nigeria Monipoints is one of the few African fintechs to achieve this milestone.
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