Tymebank, a South African-based digital bank, recently completed its Series B funding round with $ 70 million invested in the company by Tencent and UK development lender CDC Group.
Funds to support Tyme’s expansion into new markets
Tymebank, a South African digital bank, recently raised an additional $ 70 million from its latest round of funding, led by Tencent and UK-based development finance group CDC Group.
This latest capital increase brings the value of the funds Tymebank acquired through Series B to $ 180 million. Prior to this latest investment, Tymebank had received $ 110 million from Gokongwei’s Apis Growth Fund II and JG Summit Holdings.
Meanwhile, after the capital increase, a News24 report says that the digital bank will use the new money to finance its national expansion and facilitate the bank’s entry into other markets.
“The capital and expertise of the two investors will also be used to enhance Tyme’s ability to manage risk and support Tyme’s expansion in markets where CDC is present,” explains a bank statement.
The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has obtained a digital banking license in association with Gokongwei Group.
Praising the bank’s ability to attract investors, Coen Jonker, co-founder of Tyme, said: “This is a very welcome investment from Tencent and CDC. It’s a clear vote of confidence in our digital banking offering, as well as our leadership teams in South Africa, Singapore and the Philippines. “