Tyme, the parent company of South African digital bank, TymeBank, has raised $77.8 million in a round led by Norrsken22 and Blue Earth Capital. Tencent also invested in the round, becoming the fintech's third-largest stakeholder in the process.
Tyme is the holding company for TymeBank and GoTyme, its digital banks in South Africa and the Philippines, respectively. This month, TymeBank announced that it had crossed 7 million customers in South Africa, a significant growth from the 3 million it had when it raised a Series B in February 2021.
The startup, which disclosed plans to raise a Series C round later this year, has said it would use its funds to deepen its operations in South Africa and the Philippines. It also plans to expand its footprint across Southeast Asia.
TymeBank combines an offline and digital strategy to onboard and serve its customers and is aided by partnerships with retailers such as Pick n Pay and Boxer. Zion Christian Church and The Foschini Group are also part of its network of distributors. In 2022, the company acquired Retail Capital as it made its foray into the SME lending space. The lender has disbursed loans valued at more than R5 billion ($259.5 million) to over 43,000 business owners in South Africa.
Natalie Kolbe, Managing Partner at Norrsken22, stated that TymeBank had distinguished itself through its ability to target a new set of customers.
"We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analyzed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups," she said.