(Agence Ecofin) – Driven by a growing demand for financial inclusion and the rise of mobile technologies, the digital banking sector in Africa is poised for one of the most significant growths in the coming years, on a global scale. worldwide.
Tyme Group, a fintech specializing in digital banking services and backed by South African billionaire Patrice Motsepe (photo), president of the Confederation of African Football (CAF), has just raised $250 million as part of a round Series D financing. An operation that propels the company’s valuation to $1.5 billion and confirms its status as an African fintech unicorn.
The funding round was led by Nubank, a Brazilian neobank with 110 million customers in Latin America. It injected $150 million, while M&G Catalyst, a British investment fund and Tyme’s historic shareholders contributed $50 million each. In addition to capital, this strategic partnership will allow Tyme to benefit from Nubank’s expertise in product marketing, risk management and data analytics to strengthen its capabilities in its new markets.
“Nubank has revolutionized financial services in Brazil. We are excited about the value their expertise can bring us, particularly in areas such as data, product and marketing, key levers to ensure our leadership in our markets,” said Coen Jonker, CEO and co-founder of Tyme Group.
In South Africa, TymeBank, the group’s flagship subsidiary launched in 2019, now has 10 million customers thanks to a simplified and low-cost offer. In the Philippines, its GoTyme Bank, created in 2022 in partnership with the conglomerate Gokongwei, has exceeded 5 million users in less than two years.
This new financial contribution will allow Tyme to accelerate its development in South-East Asia, with a priority in its sights on the Vietnamese and Indonesian markets, two fast-growing economies where demand for digital banking solutions is exploding. In Indonesia, Tyme is exploring acquisitions to obtain a local banking license.
“We believe the future of financial services lies with digitally native companies. Tyme Group is ideally positioned to expand its model in Africa and Southeast Asia, and we look forward to collaborating to realize this vision », Supported David Vélez, founder and CEO of Nubank.
With $400 million in deposits and $600 million in financing granted to small businesses, Tyme says it is banking on its inclusive model to meet the needs of emerging markets. An IPO is planned by 2028, a sign of the strong ambitions of the fintech which wishes to become a leader in digital banking services.
Fiacre E. Kakpo
Edited by Mahoudjro F. Vahid Codjia
