Tyme, the parent company of South African digital bank TymeBank, has successfully raised $77.8 million in a pre-Series C funding round. The round was led by Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm. Notably, Tencent, a major player in the technology industry, also participated in the round and increased its stake in Tyme, becoming the third-largest shareholder. Tyme’s majority shareholder, African Rainbow Capital (ARC), owned by South Africa’s Dr Patrice Motsepe, remains invested in the company.

With its global headquarters based in Singapore and a main development hub called TymeX located in Vietnam, Tyme is a multi-country digital banking group that focuses on bridging the digital divide in emerging markets by integrating into physical retail ecosystems.

The funds raised in this round will be utilized to further expand Tyme’s operations in South Africa, the Philippines, and Southeast Asia. Additionally, a partial share buyback will be executed at a higher valuation than the previous capital raise.

Tyme boasts a significant revenue run rate, surpassing $100 million per annum. The company’s banking operations in South Africa (TymeBank) and the Philippines (GoTyme) are experiencing rapid growth, with over 300,000 new customers being onboarded each month.

Since its launch in February 2019, TymeBank has successfully grown its customer base to over 7 million customers. The bank currently registers an impressive 25 million transactions per month, with over 70% of its accounts exhibiting 30-day activity.

David Moore, Principal of Funds and Co-Investments at BlueEarth, expressed excitement about the investment in Tyme Group. He highlighted the partnership with Apis Partners, emphasizing the shared goal of generating attractive commercial returns while also reducing inequalities and promoting greater financial inclusion. Moore further praised Tyme’s innovative retail partnership model, which enables affordable access to top-tier banking products for all consumers, including those in vulnerable or remote locations.

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Natalie Kolbe, Managing Partner at Norrsken22, also commented on their investment, expressing delight in being a part of Tyme’s growth story. Kolbe recognized Tyme’s unique product, which has gained significant customer appeal and resulted in rapid and sustained growth. She praised Tyme’s exceptional management team for building one of the largest challenger banks globally and expressed enthusiasm about being involved in the next phase of their journey.

Coen Jonker, Co-founder and Chairman of Tyme, warmly welcomed Norrsken22 and Blue Earth Capital as high-caliber investors who believe in Tyme’s growth potential and its mission to democratize financial services.

Tyme has confirmed that it is currently working with interested investors on the Series C funding round, which is expected to conclude later this year.

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