As part of its pre-Series C capital raise, Tyme, one of the world’s fastest-growing digital banking groups, has raised US $77.8 million for operations in South Africa and the Philippines as well as potential future expansion in Southeast Asia.
Tyme was the first bank in South Africa to receive a commercial banking license since 1999 and the country’s first bank to run entirely on a cloud-based infrastructure network. A fully regulated bank account can be opened online or at a TymeBank kiosk in less than five minutes.
Tyme finished raising US $180 million for its Series B round in December 2021, and as of right now, it has secured pre-Series C funding from Norrsken22 and Blue Earth Capital. As TymeBank, the group’s South African flagship, celebrates its seven million customer milestone this month, this has just happened.
The funds that are being raised will be used to support operations in South Africa and the Philippines as well as for potential Southeast Asian expansion.
“We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story and its mission to democratise financial services by lowering cost and other barriers to access,” said Coen Jonker, co-founder of Tyme and TymeBank CEO.
