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Tymebank, a South Africa-based digital bank, recently completed its Series B funding round with $70 million invested in the firm by Tencent and U.K. development financier, CDC Group.
Funds to Support Tyme’s Expansion Into New Markets
Tymebank, a digital bank from South Africa, recently raised an additional $70 million from its latest funding round, led by Tencent and the U.K.-based development finance group, the CDC Group.
This latest capital raise brings the value of funds Tymebank has acquired via the Series B to $180 million. Prior to this latest investment, Tymebank had received $110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.
Meanwhile, following the capital raise, a report by News24 states that the digital bank will use the new money to fund its domestic expansion and to facilitate the bank’s entry into other markets.
“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,” a statement from the bank explained.
The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has secured a digital bank license in partnership with the Gokongwei Group.
In commending the bank’s ability to attract investors, Coen Jonker, co-founder of Tyme said: “This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines.”
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Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
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