Tyme Group announces capital raise and unicorn status
Tyme Group has successfully raised $250 million.
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Tyme Group, the multi-country digital banking group headquartered in Singapore with 15 million customers in Africa and South-East Asia, announced that Nubank, has joined its shareholder base through a strategic investment during its Series D capital raise. Nubank is one of the world’s largest financial services platforms with over 110 million customers.
Having completed its latest investment round, Tyme Group has now also firmly achieved unicorn status after securing a total of $250 million in funding for a total valuation of $1.5 billion. Tyme’s oversubscribed series D capital raise was led by Nubank, which invested $150 million, with M&G’s Catalyst subscribing for $50 million. Existing shareholders are investing a further $50 million. Tyme’s investors includes the founders, African Rainbow Capital, The Ethos AI Fund, Apis Growth Fund II, Tencent, The Gokongwei Group, British International Investment (BII), Norrsken 22, Blue Earth and Lavender Hill Capital Partners.
“Nubank transformed financial services in Brazil. We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing – levers we believe are key to achieving leadership in our markets. This is a moment of great significance for Tyme,” said Coen Jonker, co-founder and CEO of Tyme Group.
David Vélez, founder and CEO of Nubank, added: “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”
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