Tyme raises $77.8 million to fuel global expansion
Tyme, one of the fastest growing digital banking groups in the world, has raised $77.8 million from Norrsken22 and Blue Earth Capital. The two new investors have come on board as part of the pre-Series C capital raising. This comes as the group’s South African flagship, TymeBank, celebrates its milestone of 7 million customers this month (12 May 2023).
Together with the two new shareholders – Norrsken22, an African-focused technology growth fund, and Blue Earth Capital (“BlueEarth”), an independent global investment firm – Tyme’s shareholders have invested a total of $77.8 million, and Tencent has increased its stake to become Tyme’s third largest shareholder. The funds raised are intended to continue operations in South Africa and the Philippines as well as for future expansion in Southeast Asia.
Tyme has continuously pushed forward the development of banking. Tyme was the first bank in South Africa to be fully powered by a cloud-based infrastructure network, and now enables a fully regulated bank account to be opened in less than five minutes, which can be done online or from a TymeBank kiosk. It also takes nine seconds to send money to any mobile phone in South Africa using TymeBank’s SendMoney app.
Coen Jonker, co-founder of Tyme and CEO of TymeBank, commented: “We are pleased to welcome Norrsken22 and Blue Earth Capital to the group of high-caliber investors who have bought into Tyme’s growth story and its mission to democratize financial services by lowering costs and other barriers to access.”
Natalie Kolbe, Managing Partner at Norrsken22, said: “We are pleased to invest in Tyme. The company offers a unique product with great customer appeal, which has led to rapid and sustained growth. We have analyzed a lot of fintech from across the continent, and Tyme stands out with its impressive growth, its differentiated product and its unique ability to reach and serve new customer groups. The exceptional management team has already built one of the greatest challenger banks in the world and we look forward to being part of the next phase of their journey.”
David Moore, Principal of Funds and Co-Investments at BlueEarth, stated: “We invested in Tyme Group thanks to our long-standing partnership with Apis Partners which wants to build on its mission to generate attractive commercial returns alongside key priorities such as reduced inequality and greater financial inclusion. BlueEarth is delighted to support Tyme’s innovative retail partnership model which provides affordable access to premium banking products for all consumers, including the most vulnerable or those living in remote locations.”
Work continues with interested investors, and Series C is expected to close later this year. Tyme completed its Series B in December 2021. Led by existing shareholders, the capital raising brought in a total of $180 million. African Rainbow Capital (ARC) remains Tyme’s majority shareholder.
African Rainbow Capital (ARC) remains Tyme’s majority shareholder. Dr Patrice Motsepe, founder and chairman of ARC, said: “We remain excited and committed to creating value in building a global digital banking portfolio together with our fellow shareholders and partners, and we welcome the new investors who have participated in this raise.”
