South Africa’s Tyme, one of the fastest growing digital banking groups in the world, has raised US$77.8m as part of its pre-Series C capital raise to further operations in South Africa and the Philippines, as well as for future expansion in Southeast Asia.
The first bank in South Africa to be operated fully off a cloud-based infrastructure network, Tyme was also the first bank to be granted a commercial banking licence since 1999. It takes less than five minutes to open a fully regulated bank account, either online or at a TymeBank kiosk.
Tyme completed its Series B in December 2021, bringing in a total ofUS $180 million, and it has now raised a pre-Series C funding from Norrsken22 and Blue Earth Capital. This comes as the group’s South African flagship, TymeBank, celebrates its seven million customer milestone this month.
The funds being raised are intended to further operations in South Africa and the Philippines, as well as for future expansion in Southeast Asia.
“We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story and its mission to democratise financial services by lowering cost and other barriers to access,” said Coen Jonker, co-founder of Tyme and TymeBank CEO.
