Digital banking giant Tyme Group has raised $250 million in its latest Series D funding round, strengthening its mission to be the leading fintech company in emerging markets.
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.
