Tyme Group Raises $250 Million in Funding

Tyme Group, a digital bank led by South African billionaire Patrice Motsepe, has secured $250 million in a Series D funding round, raising its valuation to $1.5 billion and marking it as one of Africa's few unicorns. The funding was significantly bolstered by a $150 million investment from Nubank, the largest neobank globally, which aims to leverage its expertise to aid Tyme's growth in Southeast Asia, particularly in Vietnam and Indonesia. Tyme has already established a strong presence in South Africa with its TymeBank, which has over 10 million customers, and in the Philippines through its GoTyme Bank initiative, surpassing 5 million customers in less than two years. Coen Jonker, CEO of Tyme, highlighted the strategic partnership with Nubank as a vital step in enhancing their data analytics and product development capabilities. With the investment, Tyme plans to further expand its services and explore potential acquisitions in its target markets. This funding round signifies a renewed investor interest in the fintech sector following a period of volatility due to rising interest rates.