https://www.engineeringnews.co.za
Africa|Financial|Services|Technology|Infrastructure
Africa|Financial|Services|Technology|Infrastructure
africa|financial|services|technology|infrastructure

Tyme completes $180m capital raise

7th December 2021

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Digital banking group Tyme has successfully secured investments from China-based Internet and technology company Tencent and UK development finance institution CDC to complete its $180-million Series B capital raise.

The investments from Tencent and CDC are pegged at an additional $70-million.

Tyme, which has its roots in South Africa, is using the $180-million it has raised to fund and grow TymeBank in South Africa and to fund GOTyme in the Philippines, where it has secured a digital bank licence in partnership with the Filipino conglomerate Gokongwei Group.

The group also sees potential for further international expansion.

The first part of Tyme’s Series B raise concluded earlier this year when it secured $110-million from Apis Growth Fund II, a private equity fund managed by Apis Partners and Gokongwei’s JG Summit Holdings.

The investments will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services to TymeBank’s historic mass market customer base. 

The two investors’ capital and expertise will also be used to improve Tyme’s ability to manage risk and support Tyme’s expansion into markets where CDC has a presence.

The CDC’s investment in Tyme in South Africa is part of its strategy to support businesses that provide vital infrastructure, such as digital financial services, to traditionally underserved groups.

African Rainbow Capital remains Tyme’s majority shareholder.

In the Philippines, GOTyme was successfully awarded one of six digital banking licences in August. The build-phase is currently under way and Tyme is on track to launch in the third quarter of 2022.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.086 0.145s - 161pq - 2rq
Subscribe Now