TymeBank secures R1.5 billion investment
Digital banking group Tyme has secured two new international investors as part of its pre-series C capital raise launched in January this year.
Along with the two new shareholders — Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm — Tyme’s shareholders have invested $77.8 million (just under R1.5 billion at R19.25 per US dollar).
The funds being raised are intended to further operations in South Africa and the Philippines, for future expansion in Southeast Asia, and a partial share buyback.
This comes as the group’s South African flagship, TymeBank, celebrated its 7 million customer milestone on 12 May 2023.
Patrice Motsepe’s African Rainbow Capital remains Tyme’s majority shareholder.
Tyme and TymeBank CEO and cofounder Coen Jonker (pictured) welcomed Norrsken22 and Blue Earth Capital to the group.
“We invested in Tyme Group thanks to our long-standing partnership with Apis Partners who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion,” stated BlueEarth’s funds and co-investments principal David Moore.
“BlueEarth is excited about backing Tyme’s innovative, retail partnership model which enables affordable access to first-class banking products to all consumers, including those most vulnerable or living in remote locations.”
Norrsken22 managing partner Natalie Kolbe said they are delighted to invest in Tyme.
“The company offers a unique product with huge customer appeal, which has led to fast and sustained growth,” stated Kolbe.
“We have analysed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups. The exceptional management team have already built one of the largest challenger banks in the world, and we are looking forward to being part of the next phase of their journey.”
Tyme said work continues with interested investors, with Series C expected to close later in the year.
Loading ...