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Reading: Tyme reaches $1.5B valuation as Nubank leads $250M investment into South African digital bank
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African News Herald > Blog > Technology > Tyme reaches $1.5B valuation as Nubank leads $250M investment into South African digital bank
Technology

Tyme reaches $1.5B valuation as Nubank leads $250M investment into South African digital bank

ANH Team
Last updated: December 17, 2024 10:28 pm
ANH Team
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Nubank, the world’s largest digital bank by market value, has made a significant investment of $150 million in Tyme Group, a South African digital banking platform, through its subsidiary Nu Holdings. This investment is part of Tyme’s $250 million Series D funding round, which also includes contributions from M&G Catalyst Fund and existing shareholders.

Tyme Group, the recipient of this funding, has now achieved unicorn status, marking a major milestone in its growth trajectory. This investment comes on the heels of a $9.5 million investment that Tyme received just a few months prior. The South African digital bank, TymeBank, was launched in 2019 with the backing of billionaire Patrice Motsepe’s African Rainbow Capital. Since its inception, TymeBank has seen rapid growth, amassing over 10 million customers in South Africa and 5 million in the Philippines.

Notably, TymeBank reached profitability by the end of 2023, showcasing the success of its digital-only banking model in emerging markets. Nubank’s decision to acquire a 10% stake in Tyme underscores its confidence in the potential of digital banking solutions in Africa and Southeast Asia. Nubank, with a market capitalization of $56 billion, brings valuable expertise to Tyme’s expansion efforts.

The African fintech sector is experiencing substantial growth, with revenues projected to reach $60 billion by 2030. Countries like South Africa, Nigeria, Egypt, and Kenya are expected to be key drivers of this expansion, with a compound annual growth rate of 32%.

Tyme’s strategy involves leveraging its success in South Africa to expand into Southeast Asian markets. The bank has already launched GoTyme in the Philippines and has plans to establish a digital bank in Vietnam, where it currently employs 300 technology staff. The recent funding from Nubank will support these expansion efforts and help Tyme achieve its goal of becoming a top three retail bank in South Africa within the next three years.

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Nubank’s investment in Tyme is indicative of a broader trend of cross-continental partnerships in the fintech industry, aiming to capitalize on the growing adoption of digital banking services in emerging markets. This partnership between Nubank and Tyme not only benefits both companies but also has the potential to drive innovation and financial inclusion in regions like Africa and Southeast Asia.

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