Tymebank, a South Africa-based online bank, has recently closed its Series B round of funding. Tencent and U.K. financier, CDC Group invested $70 millions in the firm.
Funds to Support Tyme’s Expansion Into New Markets
Tymebank, a South Africa-based digital bank, has recently raised additional $70 millions from its recent round of funding. This was led by Tencent, and U.K.-based financial group the CDC Group.
With this latest capital raise, Tymebank’s Series B investments have increased 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.
Tymebank, according to the report, will use part of the funds collected for Gotyme Philippines. Tymebank secured a partnership license with Gokongwei Group and a digital bank licence in Philippines.
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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