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.