The multi-country digital banking group headquarter in Singapore, Tyme Group has officially achieved unicorn status after completing its Series D capital raise led be LatAm financial services platform, Nubank.
The raise was oversubscribed and saw Tyme Group secure a total of $250million in funding, bringing the company’s total valuation to $1.5billion. Nubank led the support, investing $150million, followed by M&G‘s Catalyst subscribing for $50million.
With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia. The support from Nubank strengthens Tyme’s position in the global digital banking sphere. Partnering with the firm will bring significant expertise and resources to Tyme. It will also position the company well to expand its market presence.
Coen Jonker, co-founder and CEO of Tyme Group
“Nubank transformed financial services in Brazil. We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme. Areas such as data analytics, credit risk management, product development and marketing are key to achieving leadership in our markets. This is a moment of great significance for Tyme,” said Coen Jonker, co-founder and CEO of Tyme Group.
Other investors in the series D funding include:
the founders
African Rainbow Capital
The Ethos AI Fund
Apis Growth Fund II (‘Apis’)
Tencent
The Gokongwei Group
British International Investment (BII)
Norrsken 22
Blue Earth
Lavender Hill Capital Partners
Growing support from investors
David Vélez, founder and CEO of Nubank
David Vélez, founder and CEO of Nubank added: “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”
Praveg Patil, head of Asia Pacific, impact and private equity at M&G
Praveg Patil, head of Asia Pacific, impact and private equity at M&G commented: “Investing in innovative companies like Tyme Group is essential for driving financial inclusion in underserved markets. M&G’s Catalyst is able to invest in transformative initiatives that create lasting social impact. Through this investment we are addressing the needs of communities that have traditionally been excluded from the financial system to build a more inclusive financial ecosystem.”
Patrice Motsepe, chairperson of major shareholder African Rainbow Capital
Commenting on the Nubank partnership, Patrice Motsepe, chairperson of major shareholder African Rainbow Capital said: “As the long-term strategic shareholder in Tyme, we enthusiastically welcome the partnership with leading global digital bank, Nubank, as we are convinced this will lead to an even higher and significantly accelerated growth trajectory for the multi-country Tyme Group.”
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