Tyme receives investments from Tencent and CDC Group
Tyme, one of the fastest growing digital banking groups globally, has successfully secured investments from Tencent and CDC to complete its $180 million series B capital raise.
The investments from Tencent and CDC are pegged at an additional $70 million. Tencent is an internet and technology company based in China, and CDC Group is the UK’s development finance institution and impact investor.
Tyme, which has its roots in South Africa, is using the $180 million it has raised to fund and grow TymeBank in South Africa and to fund GOTyme in the Philippines, where it has secured a digital bank licence in partnership with the Filipino conglomerate, Gokongwei Group, with the possibility of further international expansion.
The first part of Tyme’s series B raise concluded earlier this year when it secured $110 million from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and the Gokongwei’s JG Summit Holdings (JG Summit).
The investments will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services to TymeBank’s historic mass market customer base. The two investor’s capital and expertise will also be used to improve Tyme’s ability to manage risk and support Tyme’s expansion into markets where CDC has a presence.
CDC’s investment in Tyme in South Africa is part of its strategy to support businesses that provide vital infrastructure, such as digital financial services, to traditionally underserved groups.
African Rainbow Capital remains Tyme’s majority shareholder.
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