In a pre-Series C funding round, Norrsken22 and Blue Earth Capital led by Norrsken22, TymeBank received $77.8 million. With this new round of funding, TymeBank has now raised more than $260 million in cash.
TymeBank is part of the Tyme Group, which is based in Singapore. It uses a plan that combines online and in-person services. It has transaction bank accounts with low or no monthly fees, and customers can sign up in person at places like big stores and churches.
TymeBank plans to grow in South Africa, the Philippines, and Southeast Asia. They recently reached 7 million users in South Africa alone. In South Africa, Bank Zero and Lula are two of the banks that compete with TymeBank.
Fintech has a revenue run rate of over $100 million annually and adds 300,000 new users monthly. The cash will be used to improve operations and seek future growth prospects in the company’s target areas.
African Rainbow Capital, which Patrice Motsepe runs, owns most of TymeBank. Other owners like British International Investment, Apis Growth Fund II, JG Summit Holdings, African Fig Tree, and the Ethos AI Fund also have a stake in the company.
Tencent, the lead investor in TymeBank’s Series B extension raise, also took part in this round of funding and raised its stake, making it the third-largest shareholder. The financial technology company hopes to finish its Series C round later this year.