Tyme, a multi-country digital banking group headquartered in Singapore, has secured investments from Tencent and CDC to complete its US$180 million Series B capital raise.
The first part of Tyme’s Series B raise concluded earlier this year when it secured US$110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.
The investment from internet giant Tencent and CDC, UK’s development finance institution and impact investor, is pegged at an additional US$70 million.
African Rainbow Capital remains Tyme’s majority shareholder.
The digital bank, which has its roots in South Africa, is using the US$180 million it has raised to fund and grow TymeBank in the country.
Additionally, the proceeds will also fund GOTyme in the Philippines, where it has secured the fifth digital bank license in partnership with Filipino conglomerate Gokongwei Group, with the possibility of further international expansion.
The two investor’s capital and expertise will also be used to improve Tyme’s ability to manage risk and support its expansion into markets where CDC has a presence.
TymeBank said in a statement that it has acquired four million customers in 32 months, with noticeable acceleration in its acquisition rate.
It has continued to expand its offering, having recently launched its buy-now pay-later product, MoreTyme; a number of value-added services including the ability of customers to be paid their salaries a day early; and various off-balance sheet products such as insurance.
Coen Jonker, Co-founder of Tyme commented,
“This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines.
Tyme’s global footprint now includes a product development and engineering hub in Ho Chi Minh city, Vietnam and banking businesses in South Africa and the Philippines.”
TymeBank CEO Tauriq Keraan said:
“This is a momentous event for TymeBank. We look forward to continuing to demonstrate our strong strategic and execution capabilities to all our investors and to benefit from the deep global expertise that Tencent and CDC have accumulated through a multitude of investments in digital businesses.
We are equally excited about the opportunity to pursue the synergies that exist between all our investors and partners, ultimately to ensure added value for our customers.”
