Digital banking group Tyme has raised $77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital. The funding will be used to accelerate operations in South Africa and the Philippines, expand across Southeast Asia, and close the Series C funding later in the year.
Facts
- Tyme has secured $77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital.
- Tencent, an existing backer, increased its stake in this round and became the firm’s third-largest shareholder.
- Tyme operates a multi-country digital bank focused on emerging markets in Asia and Africa, with locations in South Africa, Singapore, Hong Kong, and Vietnam.
- TymeBank, the flagship offering of Tyme, is a fully digital bank in South Africa and has amassed over seven million customers.
- The new funding will be used to accelerate operations in South Africa and the Philippines, where Tyme operates GoTyme Bank, a new digital bank.
- Tyme plans to expand its operations across Southeast Asia.
- Tyme intends to close its Series C funding later in the year.
- Tyme opted for Mambu’s core banking technology for GoTyme Bank and future banks across Asia.
