Tyme Group achieves unicorn status with $250m Series D led by Nubank
Tyme Group, a multi-country digital banking company headquartered in Singapore, has achieved unicorn status after raising $250 million in a Series D funding round.
Tyme Group is now valued at $1.5 billion
The round, which has boosted Tyme’s valuation to $1.5 billion, was led by Brazilian challenger Nubank, which has invested $150 million in the company. The fundraise also featured participation from M&G’s Catalyst, which contributed $50 million, and a range of existing investors who provided the remaining $50 million.
Tyme’s investor base includes the likes of British International Investment (BII), African Rainbow Capital, Apis Growth Fund II, The Gokongwei Group, Norrsken 22, and others.
Coen Jonker, co-founder and CEO of Tyme Group, first announced the company’s plans to raise a Series D at a unicorn valuation in June as the company gears up for a potential IPO in 2028.
Since its founding in 2019, Tyme Group has expanded to serve 15 million customers across Africa and Southeast Asia through its digital banking subsidiaries – TymeBank in South Africa and GoTyme Bank in the Philippines.
This latest round, which adds to the firm’s $77.8 million raise in 2023, will be used to drive Tyme’s expansion into Vietnam and Indonesia.
Speaking on the investment from Nubank, Jonker emphasises that, in addition to the financial support, Tyme is eager to leverage the “value that Nubank’s thought partnership and advice can bring”.
Jonker highlights key areas such as credit risk management, data analytics, product development and marketing as “levers we believe are key to achieving leadership in our markets”.
