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South African fintech Tyme becomes a unicorn

Since 2019, South African fintech Tyme has increased its financial operations to develop its technology and accelerate its growth. She announced the success of a new operation, which allows her to change her status and become a unicorn.

Tyme, a South African start-up operating in financial technologies, obtained unicorn status (a start-up valued at more than 1 billion USD, Editor’s note) by being valued at 1.5 billion USD after this announcement. Tuesday, December 17 of the success of a 250 million USD funding round led by the Brazilian neobank Nubank.

“Nubank has revolutionized financial services in Brazil. We are excited about the value their expertise will 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.

Despite the slowdown in investments in African start-ups, this year Tyme became the 2e start-up from the continent to reach the rank of unicorn after the Nigerian fintech Moniepoint. To achieve this, it has carried out several rounds of financing since 2019. Among others, it raised 79 million USD in June 2019, 110 million in February 2021, 70 million in December of the same year, and more recently, 78 million in May 2023.

Tyme thus becomes the 9e African unicorn, joining fintechs Interswitch, Flutterwave, Opay, Chipper Cash, Wave, MNT-Halan, Moniepoint and edtech Andela. It should be noted that the e-commerce platform Jumia, the first unicorn in the history of the continent in 2016, and the fintech Fawry, lost this status after their IPO in 2019.

Adonis Conrad Quenus

Edited by: Feriol Bewa

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