On Thursday, December 19, Tyme, a South African digital bank, reached a major milestone, securing a $250 million Series D investment round led by Nubank, the world’s largest digital bank by market value. Nubank’s contribution of $150 million, along with investments from M&G Catalyst Fund and other existing shareholders, has helped propel Tyme to a $1.5 billion valuation, turning it into a unicorn startup.
The funding will help Tyme expand into new markets in Southeast Asia, focusing on countries like Vietnam and Indonesia. Nubank’s investment marks its first move outside of Latin America, signaling Africa’s growing importance in the global fintech world.
Launched in South Africa in 2019 with the support of billionaire Patrice Motsepe’s African Rainbow Capital, TymeBank has rapidly grown its customer base to more than 10 million in South Africa and 5 million in the Philippines. It also celebrated its first profit at the end of 2023, proving that its digital-only model works well in emerging markets.
Nubank’s decision to acquire a 10% stake in Tyme shows their strong belief in the future of digital banking in both Africa and Southeast Asia. Nubank, which is valued at $56 billion, is using its expertise to help Tyme grow and reach new customers.
The African fintech market is booming, with projections indicating revenues could hit $60 billion by 2030. Countries like South Africa, Nigeria, Egypt, and Kenya are expected to lead this growth, with a yearly increase of 32%.
Tyme’s next step is to build on its success in South Africa and expand into Southeast Asia. It’s already launched GoTyme in the Philippines and plans to create a digital bank in Vietnam, where it employs 300 tech staff.
This new investment will help fuel Tyme’s goal of becoming one of the top three retail banks in South Africa within the next three years.
