Tyme Pulls in US$77.8 Million for Ongoing Pre-series C Raise

Tyme Pulls in US$77.8 Million for Ongoing Pre-series C Raise

by May 23, 2023

Tyme, a multi-country digital banking group headquartered in Singapore, has secured funding from two new shareholders – Africa-focused tech growth fund Norrsken22 and global impact investment firm Blue Earth Capital as part of its Pre-Series C capital raise.

This brings the total funds raised for this tranche from Tyme’s new and existing shareholders to US$ 77.8 million. Tyme added that is still in the midst of raising funds for the Series C which is expected to close later in the year.

Tyme had previously closed it’s US$180 million Series B capital raise in December 2021.

The funds being raised are intended to further expand its operations in South Africa and the Philippines, future expansion in Southeast Asia, and a partial share buyback at a higher valuation than the previous capital raise.

TymeBank, Tyme’s flagship digital bank, now serves over 7 million customers in South Africa since its launch in February 2019. The digital bank reportedly has a revenue run rate of over US$100 million per annum. Meanwhile, GoTyme in the Philippines launched in October 2022, in partnership with the Gokongwei Group.

The group’s global footprint includes a product development and engineering hub in Ho Chi Minh City, Vietnam, which employs a team of over three hundred highly skilled technology engineers.

African Rainbow Capital (ARC) remains Tyme’s majority shareholder.

Coen Jonker

Coen Jonker

Coen Jonker, Co-founder and Chairman of Tyme said,

“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.”