The funding, led by Nu Holdings—Latin America’s most valuable fintech—brings Tyme’s valuation to $1.5 billion. Nu Holdings invested $150 million for a 10% stake, while M&G Catalyst Fund and existing shareholders contributed $50 million each.

Headquartered in Singapore, Tyme Group operates primarily in South Africa and the Philippines under its TymeBank and GoTyme Bank brands. 

With a customer base of over 15 million and goals to enter Vietnam and Indonesia in 2025, the group has become one of Africa’s few fintech unicorns. 

Its hybrid banking model, combining digital platforms with physical service points, has helped in addressing the financial needs of underbanked populations.

The latest investment from Nu Holdings aligns with its strategy to expand into underpenetrated financial markets. With its top place in Brazil, Mexico, and Colombia, Nu Holdings sees Tyme as a gateway to growth opportunities in Asia and Africa, regions marked by large unbanked populations and rising smartphone adoption.

“Having Nu Holdings as a shareholder not only brings financial support but also provides strategic counsel for our expansion plans,” said Coen Jonker, chairman and co-founder of Tyme Group. He emphasised the group’s focus on improving the financial lives of millions across its operating regions.

In addition to securing funding, Tyme has been actively scaling its operations. It has extended over $600 million in financing to small businesses and amassed $400 million in customer deposits in South Africa and the Philippines. 

Recent advancements include launching merchant cash advances in Vietnam and initiating its first transactions in Indonesia.

Jonker noted that the Philippines remains a top priority, with plans to establish GoTyme as the leading retail bank in the country. Indonesia is next on the agenda, with Tyme exploring acquisition opportunities to secure a banking licence in the region.

With this funding round potentially being its last, Tyme is preparing for an initial public offering (IPO) by 2028. The focus in the coming years will be on optimising operations and achieving strong returns, particularly in South Africa, where the group aims for a return on equity above 30%.

As one of South Africa’s only Black-owned and controlled commercial banks, Tyme Group is pushing innovation and inclusion in digital banking, bolstering the financial sector in emerging markets.

Launched in 2011, Retail Capital has funded over 43,000 businesses with more than $329 million in working capital. The acquisition will enhance its impact as it becomes a division of TymeBank and the foundation of the bank’s expanded business banking offering.

With this acquisition, TymeBank will include working capital finance to its offerings for entrepreneurs who can also buy stocks and resources required to boost the growth and development of their business. 

TymeBank believes owner-managed businesses, as well as small businesses are the most underserved and under-capitalised segment of the South African economy. In this regard, Retail Capital has a unique set of capabilities that will allow TymeBank to accelerate its business banking proposition.

Coen Jonker, CEO of TymeBank notes: “This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance. Retail Capital has acquired significant risk management experience over the past decade and through different economic cycles. They have an experienced team in place and their risk models and operational processes have been battle-tested and optimised to a significant degree for small-business funding.

“Together, we look forward to providing access to innovative solutions to ensure business owners can fuel their growth, drive job creation and contribute to the broader economy.”

TymeBank affirms to have a customer base of five million, 100,000+ small businesses, entrepreneurs and owner-managed businesses, added to a growth rate of about 150,000 new customers month-on-month.

The bank will include the provision of new offerings to SMEs, including TymePOS and TymeTrybe.

The TymePOS is a mobile point-of-sale app that turns an NFC-enabled cellphone into a tap-and-go payment device. While the TymeTrybe is a financial community platform that equips business owners with a range of business tools, accredited courses and other educational services, as well as access to networking opportunities.