South African challenger bank TymeBank recently raised an impressive $77.8 million from Norrsken22 and Blue Earth Capital. These investments will help TymeBank expand their operations further and provide cutting-edge digital banking services to customers.
TymeBank is a member of the expanding Tyme Group, a Singapore-based tech company that designs and operates digital banks for emerging markets. Its South African branch TymeBank provides customers with a transactional bank account, savings plan, and digital banking services. Its customers can be onboarded via physical locations such as Pick n Pay, The Foschini Group, and Zion Christian Church. The bank also boasts an online presence and has acquired Retail Capital, a fintech that has provided over R5 billion in working capital to more than 43,000 business owners in South Africa.
In December 2021, Tencent, the lead investor in TymeBank’s $70 million Series B extension, increased its shareholding and became the third largest shareholder. Other investors include British International Investment (BII), Apis Growth Fund II, JG Summit Holdings (JG Summit), African Fig Tree (AFT), and the Ethos AI Fund.
TymeBank’s co-founder Coen Jocker has pushed the evolution of digital banking and the bank itself boasts a fantastic track record. It now has 7 million customers in South Africa alone, recording a revenue run rate of over $100 million annually. Furthermore, customers can open a fully regulated bank account in less than five minutes and transfer money via the SendMoney app in just nine seconds.
This challenger bank’s meteoric rise exemplifies the importance of cutting-edge banking services that provide value to customers. With this new round of investment, TymeBank is poised to reach even greater heights.
