Tyme Group, the digital banking firm backed by South African billionaire Patrice Motsepe, has raised $250 million in its latest funding round, propelling its valuation to $1.5 billion.
The funding indicates growing investor confidence in fintech, particularly in emerging markets, despite a challenging global economic climate. The new funding makes Tyme Group the newest unicorn on the continent.
Leading the round is Latin America’s Nu Holdings, which invested $150 million in a strategic move to tap into fintech growth opportunities across Africa and Southeast Asia.
Other contributors include M&G’s Catalyst Fund with $50 million, alongside existing investors Tencent, Gokongwei Group, and Norrsken22, who collectively added another $50 million. African Rainbow Capital Investments remains Tyme’s lead shareholder, holding a 40% stake.
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TymeBank, Tyme Group’s South African subsidiary, has surpassed 10 million customers, while its joint ventures in the Philippines and operations in Vietnam push its global user base to 15 million.
The company is now targeting Indonesia, with plans to pursue acquisitions and secure a banking license.
Tyme aims to dominate the Philippines’ retail banking sector and replicate its success in Indonesia, all while setting its sights on a potential IPO by 2028.
The firm also plans to achieve a 30% return on equity (ROE) in South Africa, reinforcing its position as the country’s only Black-owned commercial bank.
The investment puts Tyme Group in a strategic position in driving digital financial inclusion across Africa and Southeast Asia. Nu Holdings’ backing signals strong confidence in Tyme’s scalable business model, which connects underserved emerging markets. With this funding, Tyme Group joins the elite ranks of Africa’s fintech unicorns, alongside Flutterwave and MNT-Halan, cementing its status as a key player in the digital banking revolution.
