Digital banking group Tyme raises US$77m to fuel expansion

Tyme is still looking for investors for the series C round, which is expected to close later this year

Tyme, a Singapore-headquartered digital banking group, has secured US$77m in a pre-series C funding round. 

The funds will be used to expand its operations in South Africa and the Philippines, increase its presence in Southeast Asia, and for a partial share buyback.  

Two new investors, Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm, led the round. 

Tyme is still looking for investors for the series C round, which is expected to close later this year.  

Tyme’s offerings include a digital banking platform, called TymeX, its flagship digital bank, TymeBank, which serves more than 7m customers in South Africa, and GoTyme, a Philippine digital bank. 

TymeBank was launched in 2019 and acquired merchant lending fintech Retail Capital in 2022.  

GoTyme launched in 2022, in partnership with Gokongwei Group, to provide affordable and accessible financial services in the archipelagic country.   

David Moore, principal of funds and co-investments at BlueEarth, said: “BlueEarth is excited about backing Tyme’s innovative retail partnership model which enables affordable access to first-class banking products for all consumers, including those most vulnerable or living in remote locations.” 

Natalie Kolbe, managing partner at Norrsken22, commented: “The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. 

“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.” 

Dr Patrice Motsepe, founder and chairman of ARC, Tyme’s majority shareholder, said: “We remain excited and committed to further creating value in building a global digital banking portfolio with our fellow shareholders and partners.”  

Tyme is based in Hong Kong, Vietnam and South Africa, has a tech development hub in Vietnam, and a data centre in Johannesburg, South Africa. 

Image: Canva  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.