Having raised $77.8 million in a pre-Series C round which takes its total investment raised so far to over $260 million, TymeBank, a South African digital banking firm, is set to strengthen and expand current reach.
Led by Norrsken22, an African-focused growth stage fund and Blue Earth Capital, a Swiss global impact investment firm, TymeBank will now broaden its South Africa and Philippines operations, while stepping into Southeast Asia.
Other investors backing TymeBank include Tencent, who is now the firm’s third-largest shareholder, African Rainbow Capital (ARC), British International Investment (BII), Apis Growth Fund II, JG Summit Holdings (JG Summit), African Fig Tree (AFT), and the Ethos AI Fund.
An arm of Tyme Group, headquartered in Singapore, TymeBank was launched in 2019 by Founder Coen Jocker. TymeBank embraces a unique banking approach that combines the benefits of both digital and physical services. It provides customers with a transactional bank account that incurs minimal or zero monthly fees, along with an appealing savings product.
The majority of its customer base is acquired through physical locations, which include renowned national retailers such as Pick n Pay and Boxer, as well as the esteemed fashion retailer, The Foschini Group (TFG), and the influential Zion Christian Church, one of South Africa’s largest religious institutions. However, TymeBank has also experienced a substantial influx of customers who have opened accounts online, reflecting a growing trend toward electronic transfers over traditional cash deposits.
TymeBank is making significant strides in its operations, demonstrating impressive growth across South Africa and the Philippines. With a remarkable influx of 300,000 new customers each month, the company is achieving a revenue run rate surpassing $100 million annually.
This exponential rise in customer numbers serves as a testament to TymeBank’s ability to effectively address consumers’ needs. Initially emerging as a disruptor in the banking industry, the company has now solidified its position as a reliable and viable alternative to traditional banks in the country.
TymeBank’s global presence extends beyond its core operations. It maintains a product development and engineering hub in Vietnam, where innovative solutions are crafted. Additionally, its headquarters in Singapore oversees strategic initiatives, business development, data analytics, and artificial intelligence (AI) functions, further cementing its commitment to driving growth and leveraging cutting-edge technologies in the financial sector.