Digital bank Tyme has raised $ 180 million in new capital from new investors, including Chinese tech giant Tencent and UK development financier CDC, to finance the deployment of its digital banking platform in the Philippines and grow its businesses. existing activities in South Africa.
The group’s local digital banking platform, GOTyme, is a partnership with the Gokongwei group. This unit is designed to be its stepping stone to overseas markets.
“This is a much appreciated investment by Tencent and CDC. It’s a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore and the Philippines, ”Coen Jonker, co-founder of Tyme, said in a statement on Tuesday.
Tencent and CDC contributed $ 70 million to this “Series B” funding round. It is fundraising when a business has gone beyond the initial start-up phase and reached certain stages in the development of its activity. In this case, Tyme, now one of the world’s fastest growing digital banks, acquired 4 million customers in 32 months in South Africa, using a hybrid model of digital banking and physical service.
In the Philippines, banking company GoTyme is one of six entities that have been granted a digital banking license from Bangko Sentral ng Pilipinas as part of its new banking classification. The local platform is expected to launch in the third quarter of 2022.
Tyme’s global footprint now also includes a product development and engineering center in Ho Chi Minh City, Vietnam.
The first part of Tyme’s Series B funding round came to an end earlier this year when it secured $ 110 million from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and from JG Summit Holdings of Gokongweis.
These investments are expected to allow Tyme to use its digital infrastructure to accelerate the deployment of financial services to its historical mass-market customer base, the company said.
The capital and expertise of Tencent and CDC are also expected to enhance Tyme’s ability to manage risk and support its expansion into markets where CDC, the UK’s development finance institution and impact investor Uni, is present.
TymeBank CEO Tauriq Keraan said: “This is a momentous event for TymeBank. We look forward to continuing to demonstrate our strong strategic and execution capabilities to all of our investors and to benefit from the deep global expertise that Tencent and CDC have accumulated through a multitude of investments in digital businesses. “
Patrice Motsepe, Chairman of African Rainbow Capital, majority shareholder of Tyme, said: “We are delighted to welcome Tencent and CDC as new co-investors in Tyme. The ability to attract investors of this caliber is a testament to the strength of Tyme’s value proposition and management. TymeBank’s success in South Africa is an example of the innovation in Tyme’s financial services offering, as evidenced by our business model. We look forward to a long and successful relationship with Tencent and CDC.
Subscribe to INQUIRER PLUS to access The Philippine Daily Inquirer and over 70 other titles, share up to 5 gadgets, listen to the news, download from 4 a.m. and share articles on social media. Call 896 6000.