TymeBank, the South African digital bank, has successfully raised $77.8 million in a funding round led by Norrsken22 and Blue Earth Capital. Notably, Tencent also participated in the round and has become the third-largest stakeholder in the fintech company.
Tyme operates as the parent company for TymeBank and GoTyme, its digital banking platforms in South Africa and the Philippines respectively. TymeBank recently announced a significant milestone of surpassing 7 million customers in South Africa, marking substantial growth since the 3 million it had during its Series B funding round in February 2021.
With plans to raise a Series C round later this year, Tyme aims to utilize the funds to strengthen its operations in South Africa and the Philippines, while also expanding its presence throughout Southeast Asia.
TymeBank employs a hybrid approach, combining offline and digital strategies to engage and serve its customers. Key retail partnerships with entities like Pick n Pay and Boxer, as well as associations with Zion Christian Church and The Foschini Group, contribute to TymeBank’s distribution network. In 2022, the company ventured into SME lending by acquiring Retail Capital, enabling it to provide loans exceeding R5 billion ($259.5 million) to over 43,000 business owners in South Africa.
Natalie Kolbe, Managing Partner at Norrsken22, emphasized that TymeBank has distinguished itself by effectively targeting a new demographic of customers.
“We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analyzed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups,” she said.
