Tyme raises US$110M Series B funding
Singapore: Tyme, a Singapore-based digital banking network targeting emerging markets, announced today it has raised US$110 million in Series B capital from Apis Partners Growth Fund II and Gokongwei family-led JG Summit Holdings of the Philippines.
A portion of the new funds will be used by Tyme to launch a digital bank in the Philippines, as part of plans to expand into Southeast Asia by its parent company, South Africa-based TymeBank.
With the announcement of the new digital bank framework in the Philippines, JG Summit Holdings and Tyme will apply for a digital bank license from regulator Bangko Sentral ng Pilipinas (BSP) to expand financial access for underbanked and under-served Filipinos. Tyme claims its “high tech – high touch” digital banking model would meet customer needs for “affordable and widespread” financial access.
Tyme’s foray into digital banking comes off the back of increased interest for licenses after BSP announced guidelines on the establishment of digital banks. In December 2020, BSP Deputy Governor Chuchi Fonacier said the BSP has received five inquiries so far since it issued the guidelines on the establishment of digital banks.
