Tyme Secures $77.8 Million in Funding to Drive Global Expansion
Tyme, one of the world’s fastest growing digital banking firms, has secured US$77.8 million in pre-Series C capital to expand operations in South Africa and the Philippines, as well as future expansion in Southeast Asia.
Tyme was the first bank in South Africa to operate entirely on a cloud-based infrastructure network, as well as the first to be awarded a commercial banking license since 1999. A fully regulated bank account can be opened in less than five minutes, either online or at a TymeBank kiosk.
Tyme concluded its Series B investment round in December 2021, raising a total of US $180 million, and it has recently raised a pre-Series C round from Norrsken22 and Blue Earth Capital.
This comes as the group’s flagship South African bank, TymeBank, celebrates seven million customers this month.
The monies raised will be used to expand operations in South Africa and the Philippines, as well as in Southeast Asia in the future.
“We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story and its mission to democratise financial services by lowering cost and other barriers to access,” said Coen Jonker, co-founder of Tyme and TymeBank CEO.