Digital bank Tyme extends Series B to $180m

Tyme, a digital banking group aimed at emerging markets, has closed its Series B funding round on $180m.

Tencent and CDC deployed $70m to the Series B funding round, which initially closed earlier this year on $110m. Backers of the original tranche include by Apis Partners and JG Summit.

With the capital injection, Tyme is looking to grow its presence in South Africa and support its expansion into the Philippines, where it has secured a digital bank licence in partnership with the leading Filipino conglomerate, the Gokongwei Group.

The funding will also enable the company to increase the rollout of its financial services and continue other international expansion initiatives.

TymeBank, which claims to be one of the world’s fastest growing digital banks, has acquired four million customers in the past 32 months.

The FinTech company has released several new products recently, including a buy now, pay later tool, early salary payments, and insurance.

Tyme co-founder Coen Jonker said, “This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines.

“Tyme’s global footprint now includes a product development and engineering hub in Ho Chi Minh city, Vietnam and banking businesses in South Africa and the Philippines. We have successfully attracted a team of skilled people, which includes over two hundred engineers, and established strategy, business development, data, analytics and Artificial Intelligence (AI) functions in our global headquarters in Singapore.”

Following the investment round, African Rainbow Capital remains the majority shareholder of Tyme.

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