Brazilian neobank Nubank led Tyme Group‘s $250M Series D with a $150M investment, valuing Tyme at $1.5B. M&G Catalyst Fund, Tencent, British International Investment, Gokongwei Group, Norrsken 22, and other investors also participated in the round.
Tyme Group is a digital banking platform serving consumers and SMEs in emerging markets. Headquartered in Singapore, Tyme operates TymeBank in South Africa and GoTyme in the Philippines, combining digital banking with physical access points through retail partnerships.
GoTyme is one of the six digital banks licensed by the Philippines Central Bank, while TymeBank was the first bank to be issued a new banking license by the South African Reserve Bank since 1999.
Tyme Group will use the funds to expand into Vietnam and Indonesia, and to support its plans to go public by 2028.
“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 one of the digital bank leaders in Africa and Southeast Asia,” said David Vélez, founder and CEO of Nubank.
This is not Nubank’s first investment outside of Latin America. In August 2021, Nubank co-led a $45 million Series B funding round for Indian neobank Jupiter.
“Nubank transformed financial services in Brazil. We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing – levers we believe are key to achieving leadership in our markets,” said Coen Jonker, Co-Founder and CEO of Tyme Group.
Founded in 2019, Tyme serves over 15M customers across South Africa and the Philippines.
Read more on Nubank’s Newsroom, Tyme’s press release, and Business World Online.
