TymeBank raises $77.8M from Norrsken22 and Blue Earth Capital

Norrsken22 and Blue Earth Capital led a $77.8 million pre-Series C deal for South African digital banking platform TymeBank. TymeBank stated that its Series C round will close later this year.

TymeBank’s third-largest stakeholder, Tencent, led the fintech’s $70 million Series B extension round in December 2021. Patrice Motsepe’s African Rainbow Capital (ARC) owns most of TymeBank, which is also funded by British International Investment (BII), Apis Growth Fund II, JG Summit Holdings (JG Summit), African Fig Tree (AFT), and Ethos AI Fund.

TymeBank isn’t from South Africa. The Singapore-based Tyme Group owns it. Tyme designs, builds, and operates emerging-market digital banks. In October, Tyme launched GoTyme in the Philippines, its first Asian market, with the Gokongwei Group. In South Africa, TymeBank is its brand.

TymeBank, launched in February 2019, combines physical and digital banking. Most of its customers are onboarded via physical locations, including national retailers Pick n Pay and Boxer, top fashion retailer The Foschini Group (TFG), and South Africa’s largest church, Zion Christian Church. It offers a transactional bank account with zero or low monthly fees and a savings product. Online account openings, cash deposits, and electronic transfers have also increased at the challenger bank. Lula and Bank Zero are competitors.

Tyme Bank, founded by Coen Jocker, was on target to surpass 3 million members when we covered its $110 million Series B in early February 2021. The corporation claims it reached 7 million customers in South Africa this month. The fintech acquired Retail Capital, a business banking fintech that has delivered over R5 billion in working capital to more than 43,000 South African business owners, last year, increasing those numbers.

“Tyme has advanced banking. Tyme, South Africa’s first cloud-based bank, allows customers to open a fully regulated bank account online or at a TymeBank kiosk in under five minutes. ” TymeBank’s SendMoney app sends money to any South African cellphone in nine seconds,” the statement stated.

With 300,000 new members every month in South Africa and the Philippines, TymeBank boasts a revenue run rate of over $100 million. “It is truly serving consumers’ needs, and having entered as a disruptor in the industry, it is now entrenched as the credible alternative to legacy banks in the country,” the business said of its exponential client growth.

TymeBank plans to use its $260 million in new capital to expand in South Africa, the Philippines, and Southeast Asia. Tyme’s Vietnam product development and engineering base and Singapore headquarters lead strategy, business development, data, analytics, and AI.
“Investing in Tyme is great. The company has grown rapidly and sustainably due to its unique offering. ” Tyme stood out with its impressive growth, differentiated product, and unique ability to reach and serve new customer groups,” said Natalie Kolbe, Norrsken22’s managing partner. “The exceptional management team has already built one of the largest challenger banks in the world, and we are looking forward to being part of their next phase.”