South African digital banking platform TymeBank has secured $77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital. The fintech plans to finalize its Series C round later this year. Tencent, a major investor in TymeBank's previous funding, also participated in this round, becoming the third-largest shareholder. TymeBank, majority-owned by Patrice Motsepe's African Rainbow Capital (ARC), has garnered support from investors like British International Investment (BII), Apis Growth Fund II, JG Summit Holdings (JG Summit), African Fig Tree (AFT), and the Ethos AI Fund.
TymeBank, part of the Tyme Group headquartered in Singapore, operates as TymeBank in South Africa and GoTyme in the Philippines. It employs a hybrid model, offering transactional bank accounts with low or zero monthly fees and savings products. The fintech industry has gained traction through physical locations such as Pick n Pay, Boxer, The Foschini Group (TFG), and the Zion Christian Church, while also experiencing a surge in online account openings and a shift towards electronic transfers. Notable competitors include Bank Zero and Lula.
Since its launch in 2019, TymeBank has achieved significant milestones, surpassing 7 million customers in South Africa. Its recent expansion into business banking through the acquisition of Retail Capital has further propelled its growth. TymeBank's innovative approach includes cloud-based infrastructure, allowing customers to open regulated bank accounts within minutes and transfer money to any South African cellphone in just nine seconds through the SendMoney app.
With a revenue run rate exceeding $100 million annually, TymeBank continues to establish itself as a credible alternative to traditional banks. The latest funding, totaling over $260 million, will support its operations in South Africa and the Philippines while fueling future expansion in Southeast Asia. Natalie Kolbe, the managing partner at Norrsken22, expressed confidence in TymeBank's growth, highlighting its unique product and ability to serve new customer segments.
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