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Tyme Becomes Africa's Newest Unicorn After Securing $250M, Valuation Hits $1.5B

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.

December 17, 2024
541 1 minute read
Tyme Becomes Africa's Newest Unicorn After Securing $250M, Valuation Hits $1.5B
28/09/2017. Carlos Celestino, Chief Technology and Operations Officer at Commonwealth Bank South Africa shows how to register in the bank's money transfer machine.

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.

Also Read: Can Africa’s startup sector keep up its record funding run amidst global turmoil?

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.

December 17, 2024
541 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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