South African digital bank Tyme completes Series B financing with an additional US$70 million in financing

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Tymebank, a digital bank headquartered in South Africa, recently completed a Series B financing. Tencent and the British development financier CDC Group invested 70 million US dollars in the company.

Funds to support Tyme’s expansion into new markets

Tymebank, a digital bank from South Africa, recently raised another US$70 million from the latest round of financing led by Tencent and the British development finance group CDC Group.

This latest financing brings the value of Tymebank’s B-series funds to US$180 million. Prior to this latest investment, Tymebank had received US$110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.

At the same time, after this financing, Report News24 stated that the digital bank will use the new funds to fund its domestic expansion and facilitate the bank’s access to other markets.

The bank explained in a statement: “The capital and expertise of these two investors will also be used to improve Tyme’s ability to manage risk and support Tyme’s expansion into the CDC market.”

The report added that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, which has obtained a digital banking license in cooperation with Gokongwei Group.

Tyme co-founder Coen Jonker praised the bank’s ability to attract investors, said: “This is a very welcome investment by Tencent and China.com. This is a contribution to our digital banking products and our leadership team in South Africa, Singapore and the Philippines. Obvious vote of confidence.”

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Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer in Zimbabwe. He has written a large number of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.