Tyme Group, a prominent digital banking platform with operations in South Africa and Southeast Asia, has reached a groundbreaking milestone with a valuation of $1.5 billion. The latest funding round sees the entry of Brazil’s Nubank, Latin America’s most valuable financial institution, as a key investor.
Nubank, globally renowned for its disruptive approach to financial services and a market capitalisation exceeding $34 billion, joins the ranks of Tyme’s formidable investors. These include the UK-based Apis Partners, South African financial giant African Rainbow Capital, and the Global Fintech Fund.
The entry of Nubank into Tyme’s shareholder register marks a significant moment in the globalisation of digital financial services. Tyme’s innovative model, which combines low-cost banking with financial inclusion, aligns closely with Nubank’s mission to democratise access to banking across underserved markets. Nubank’s founder and CEO, David Vélez, expressed confidence in Tyme’s potential to replicate Nubank’s success in emerging markets. “This partnership allows us to share our expertise and deepen our footprint in high-growth regions,” he stated.
Tyme’s operations in South Africa, under the brand TymeBank, have disrupted the banking landscape with their unique hybrid model of digital banking and physical kiosks. Since launching in 2019, TymeBank has gained over 7 million customers in South Africa, with plans to expand to more African countries. The group’s expansion into the Philippines through GoTyme, a joint venture with the Gokongwei Group, has also gained momentum. With its population of over 100 million and low banking penetration, the Philippines offers significant growth opportunities for Tyme’s inclusive banking model.
Tyme’s achievement underscores the growing prominence of African fintech firms in the global digital economy. With its innovative solutions tailored to local needs, Tyme is well-positioned to address challenges such as financial exclusion and high banking costs. The new investment will fuel Tyme’s growth plans, enabling it to refine its technology and expand its product offerings. TymeBank CEO Coen Jonker highlighted the strategic importance of the funding: “This partnership with Nubank brings not only financial resources but also invaluable insights into scaling a successful fintech business.”
As digital banking continues to reshape financial landscapes, Tyme’s partnership with Nubank signals a new era of collaboration between emerging market champions. For African fintechs, this serves as a testament to the sector’s potential to attract significant international investment. Tyme’s journey, from a disruptive South African start-up to a billion-dollar global player, exemplifies the transformative power of technology in bridging financial divides.
