Tyme Group, the Singapore-headquartered digital banking group backed by South African billionaire Patrice Motsepe, has officially become Africa’s 9th unicorn after raising $250 million in its Series D funding round.
The capital injection propelled the fintech’s valuation to $1.5 billion, marking a significant milestone for the multi-country digital lender.
The Series D round was led by Brazil’s Nubank, Latin America’s most valuable financial services company, which contributed $150 million.
The round also included investments from M&G Investments’ Catalyst Fund ($50 million) and existing shareholders who invested an additional $50 million. Tyme’s investor lineup boasts prominent institutional shareholders such as African Rainbow Capital, Tencent, Apis Growth Fund II, the Gokongwei Group, British International Investment (BII), and Norrsken22.
Tyme Group, with operations in South Africa and the Philippines, currently serves over 15 million customers across Africa and Southeast Asia.
Nubank’s strategic investment is expected to accelerate Tyme’s expansion into new markets and enhance its capabilities in data analytics, credit risk management, and product development. Coen Jonker, Tyme’s Co-founder and CEO, expressed excitement about the partnership: “Nubank transformed financial services in Brazil, and their thought partnership and expertise will be instrumental in Tyme’s journey to achieving market leadership.”
David Vélez, Nubank’s Founder and CEO, emphasized Nubank’s belief in the future of digital-native financial services: “Tyme Group is well-positioned to become a digital banking leader in Africa and Southeast Asia. We are thrilled to collaborate and share our learnings to help scale their operations to millions of customers.”
What to know
M&G’s Praveg Patil highlighted the social impact of the investment, noting that Tyme’s innovative approach will drive financial inclusion in underserved markets.
- Patrice Motsepe, Chairperson of African Rainbow Capital, welcomed Nubank’s involvement, predicting accelerated growth for Tyme Group as it strengthens its foothold in emerging markets.
- Endeavor, a global network supporting high-impact entrepreneurs, played a pivotal role in Tyme’s journey. Endeavor facilitated the introduction between Tyme and the Gokongwei Group, supporting Tyme’s expansion into the Philippines, and later connected Tyme to Nubank at an event in New York. This collaboration exemplifies Endeavor’s ‘multiplier effect’, driving growth for entrepreneurial ventures.
- The $250 million funding solidifies Tyme Group’s position as a leading player in digital banking and highlights the growing investment appetite for fintech solutions in Africa and Southeast Asia.
With plans to go public by 2028, Tyme is poised to transform financial services in underserved markets, leveraging strategic partnerships and cutting-edge technology to achieve sustainable growth.