Nubank, the Brazilian digital banking giant, has made a significant $150 million investment in Tyme Group, a Singapore-based digital bank with a strong presence in South Africa and the Philippines. This investment, part of a larger $250 million Series D funding round, catapults Tyme Group’s valuation to $1.5 billion, achieving coveted unicorn status. Tyme Group is backed by prominent investors, including China’s Tencent and is serving 15 million customers across its operations.
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This substantial investment round, which also saw participation from M&G Catalyst Fund and existing shareholders, will fuel Tyme Group’s ambitious expansion plans in Southeast Asia and pave the way for a potential public listing by 2028. The company has indicated a strong preference for a New York listing.
Tyme Group’s Strategic Expansion Plans Fueled by Investment
Tyme Group operates TymeBank in South Africa, launched in 2019, and GoTyme in the Philippines. With this new funding, the company is poised for a significant expansion into Vietnam and Indonesia.
In Vietnam, where Tyme currently focuses on merchant lending, the group plans to introduce core transaction banking products in 2025. Indonesia is also on the horizon, with plans to launch merchant cash advance services and pursue a banking license. This strategic expansion into Southeast Asia highlights Tyme Group’s commitment to tapping into high-growth markets.
TymeBank’s Growth Trajectory in South Africa
The investment will significantly bolster TymeBank’s position in South Africa. CEO Karl Westvig stated that the funding will enable the bank to achieve its goal of becoming a top-three retail bank in the country within the next three years. The association with Nubank and the backing of renowned global investors like GIC and Berkshire Hathaway further enhance Tyme Group’s credibility and market visibility.
Beyond core banking services, TymeBank is planning a large-scale relaunch of its credit card offerings next year. The company is also exploring the potential of cryptocurrency integration in the long term, considering both facilitating crypto transactions and establishing a cryptocurrency exchange. This forward-thinking approach positions TymeBank as an innovator in the South African financial landscape.
Conclusion: A New Chapter for Tyme Group
Nubank’s strategic investment marks a significant milestone for Tyme Group, validating its business model and fueling its ambitious growth trajectory. With a strengthened financial position, expanded investor network, and clear strategic vision, Tyme Group is well-positioned to solidify its position as a leading digital banking force in emerging markets. The company’s planned expansion into Southeast Asia and potential public listing by 2028 signal a promising future for this rapidly growing fintech player. The investment not only propels Tyme Group to unicorn status but also underscores the growing global interest in digital banking solutions tailored to underserved markets.
