According to Reuters report, a Brazilian digital bank Nubank has invested $150 million in Tyme Group, a Singapore-based digital bank with 15 million customers in South Africa and the Philippines. This investment is part of Tyme Group’s series D funding round, which totalled $250 million and included contributions from M&G Catalyst Fund and existing shareholders.
Key Highlights of the investment includes:
Unicorn Status: Tyme Group has achieved unicorn status with a valuation of $1.5 billion.
Growth Strategy: The funding will support Tyme Group’s expansion into Southeast Asia and its goal to become a top three retail bank in South Africa within three years.
Listing Plans: Tyme Group aims to list by 2028, with plans to list in New York.
Regional Expansion: The group is gearing up for expansion into Vietnam and Indonesia, with plans to launch merchant cash advance and core transaction banking products.
Product Development: TymeBank in South Africa will relaunch credit cards in 2025 and is considering crypto offerings in the long-term.
Implications
Tyme Group’s partnership with Nubank and its significant funding round position the company for rapid growth and expansion in Southeast Asia. With its sights set on becoming a leading retail bank in South Africa and its plans for regional expansion, Tyme Group is poised to make a significant impact in the digital banking landscape.