Tyme Group, a South African-born fintech with operations in African countries and the Philippines, has secured $250 million in a Series D round, taking its valuation to $1.5 billion. The funding was led by Nu Holdings (which owns NuBank), Latin America’s most valuable fintech company, which invested $150 million for a 10% stake. M&G Catalyst Fund committed $50 million and existing shareholders provided the remaining $50 million.
Founded in 2019, Singapore-based Tyme Group operates a hybrid digital banking model that combines online banking and physical service touchpoints.
The company is focused on building and scaling digital banks in emerging markets. South African brand TymeBank has been a key driver of growth, while Philippines-based GoTyme, launched in 2022 in partnership with local conglomerate Gokongwei Group, marks its entry into Asia. Tyme currently serves 15 million customers and plans to expand further into Vietnam and Indonesia next year.
Tyme remains majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), which holds a 40% stake in the fintech. Last year, the fintech raised $77.8 million in a pre-Series C round with backing from Tencent, Blue Earth Capital and Norrsken22.
The latest round of funding, which brings Tyme’s total funding to more than $400 million, represents a notable return to investor interest in fintech following a slowdown caused by rising global interest rates. Tyme joins Nigeria’s Moniepoint as one of the African fintechs to achieve unicorn status this year.
Clearly, Nubank’s investment in Tyme Group, although not organic, is consistent with its broader strategy to diversify geographically and leverage the growth potential of emerging markets outside Latin America. While the largest digital banking platform outside Asia consolidates its dominant position in Brazil, Mexico and Colombia with over 100 million customers, its core markets are becoming increasingly competitive with the likes of Neon and C6 gaining market share .
By expanding into Asia and Africa, regions where digital financial services are still under-penetrated, Nubank is leveraging its playbook in markets with similar dynamics, including large unbanked populations, increasing smartphone adoption, and growing demand for accessible financial products. Provides an opportunity to replicate .
Tyme is not Nubank’s first move away from home turf. In 2021, the Brazilian fintech invested in Indian neobank Jupiter.
Coen Jonker, Chairman and Co-founder of Tyme, said: “Nubank has revolutionized financial services and having them as a shareholder will help build relationships around our model, execution and expansion plans, both financially and through business advisory. “It is,” he said. “We are focused on improving the financial lives of millions of people in our region, and this investment gives us the impetus to keep pushing forward.”
By offering checking accounts with debit and credit cards and pay later, it has raised more than $400 million in customer deposits and provided more than $600 million in financial support to small and medium-sized businesses across South Africa and the Philippines.
