The Singapore-based multi-country digital banking group Tyme Group revealed that it had raised $250 million in a Series D funding round, with Brazilian neobank Nubank serving as the lead.
In a statement, Tyme stated that Nubank had strategically invested during the raise to become a shareholder.
Tyme Group has successfully attained unicorn status following the completion of its most recent investment round, which saw the company raise $1.5 billion in total funding.
With a $150 million investment, Nubank led Tyme’s oversubscribed series D capital raise, while M&G’s Catalyst contributed $50 million.
$50 million more is being invested by current shareholders.
The Gokongwei Group, Tencent, African Rainbow Capital, The Ethos AI Fund, Apis Growth Fund II (‘Apis’), British International Investment (BII), Norrsken 22, Blue Earth, and Lavender Hill Capital Partners are among Tyme’s investors.
The statement claims that Tyme’s position in digital banking is strengthened by the Nubank partnership, which also lays the groundwork for the company’s expansion throughout Southeast Asia.
Tyme benefits from this partnership’s substantial resources and experience, which puts the business in a strong position to grow its market share.
“Nubank transformed financial services in Brazil. We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing – levers we believe are key to achieving leadership in our markets,
“This is a moment of great significance for Tyme,” said Coen Jonker, Co-Founder and Chief Executive Officer of Tyme Group.
Since its founding, Nubank has maintained the belief that digitally-native businesses will dominate the global financial services industry, according to David Velez, the company’s founder and CEO.
“We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia,
“We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,” he added.
“Investing in innovative companies like Tyme Group is crucial for promoting financial inclusion in underserved markets,” said Praveg Patil, Head of Asia Pacific, Impact & Private Equity at M&G.
“M&G’s Catalyst is able to invest in transformative initiatives that create lasting social impact,
“Through this investment we are addressing the needs of communities that have traditionally been excluded from the financial system to build a more inclusive financial ecosystem,” he added.
