Tymebank

South African Digital Banking Platform, TymeBank, Secures $77.8 million

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TymeBank, a South African online bank, has secured $77.2 million in a pre-Series C financing.

The company disclosed this in a statement on Tuesday. 

According to the statement, the round led by African-focused growth stage fund Norrsken22 and Swiss global impact investment firm Blue Earth Capital.

However, TymeBank is not a native of South Africa. It belongs to the Singapore-based Tyme Group of corporations. 

Tyme, the holding firm, specialises in creating, constructing, and running digital banks for developing markets.

“Tyme has continually pushed forward the evolution of banking. Tyme was the first bank in South Africa to be operated fully off a cloud-based infrastructure network and now makes it possible to open a fully regulated bank account in less than five minutes, which can be done online or from a TymeBank kiosk.

“It also takes nine seconds to send money to any cellphone in South Africa using TymeBank’s SendMoney app,” the statement read.

TymeBank plans to use this additional funding, which brings its total amount raised to over $260 million, to expand operations in Southeast Asia as well as in South Africa and the Philippines.

 

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