TymeBank has announced that it has raised $70 million in a Series B round led by Tencent and CDC Group, bringing the total amount raised to $180 million.
Apis Growth Fund II and Gokongwei’s JG Summit Holdings invested $110 million in TymeBank earlier this year.
“This is a very welcome investment from Tencent and CDC,” said Coen Jonker, co-founder of Tyme. It’s a statement of confidence in both our digital banking service and our leadership teams in South Africa, Singapore, and the Philippines.
“This is a historic milestone for TymeBank,” said CEO Tauriq Keraan. We are excited to continue to demonstrate our excellent strategic and execution capabilities to all of our investors, as well as to benefit from Tencent and CDC’s broad global expertise gained via a variety of digital business investments. We’re equally ecstatic about the prospect of pursuing the synergies that exist across all investors and partners, with the goal of providing extra value to our customers.”
“We are happy to welcome Tencent and CDC as our new co-investors in Tyme,” said Dr. Patrice Motsepe, Founder and Chairman of African Rainbow Capital, which is Tyme’s largest shareholder. The ability to attract investors of this caliber is a testament to Tyme’s value proposition and management’s worldwide competitiveness. TymeBank’s success in South Africa is a result of the innovation of our financial service, which is reflected in our business model. We hope to have a long and fruitful partnership with Tencent and CDC.”
Tyme will be able to use its digital infrastructure to speed up the delivery of financial services to TymeBank’s mass-market customers as a result of the investments. Tyme’s ability to manage risk will be improved, and Tyme’s development into regions where CDC has a presence will be aided by the capital and expertise of the two investors.
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South Africa’s digital bank TymeBank raises $109 million, plans Asian market expansion