South African digital banking platform TymeBank has secured $77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital. This latest funding round brings TymeBank's total raised capital to over $260 million.
Operating under the Tyme Group headquartered in Singapore, TymeBank utilizes a hybrid digital banking and physical service model. It offers transactional bank accounts with low or zero monthly fees and has onboarded customers through physical locations such as major retailers and churches.
TymeBank is renowned for its cloud-based infrastructure, allowing customers to open regulated bank accounts in under five minutes and transfer money to any South African cellphone in nine seconds.
With a recent milestone of 7 million customers in South Africa alone, TymeBank plans to expand further in South Africa, the Philippines, and Southeast Asia. TymeBank faces competition from Bank Zero and Lula in South Africa.
The fintech boasts a revenue run rate exceeding $100 million annually and adds 300,000 new customers monthly. The company intends to leverage the funds to enhance operations and pursue future growth opportunities across its target markets.
TymeBank is majority-owned by Patrice Motsepe's African Rainbow Capital, with additional support from investors like British International Investment, Apis Growth Fund II, JG Summit Holdings, African Fig Tree, and the Ethos AI Fund.
Tencent, the lead investor in TymeBank's Series B extension raise, also participated in this funding round and increased its stake, becoming the third-largest shareholder. The fintech says it aims to finalize its Series C round later this year.