African Rainbow Capital Investments announced today that Tyme is on the verge of concluding its Series C Capital raise. The funding round, which involves both existing and new shareholders, is set to propel Tyme, encompassing local digital bank TymeBank and the Philippines-based digital bank GoTyme, to new heights.
African Rainbow Capital Investments also disclosed that Tyme, inclusive of TymeBank and GoTyme, boasts an annual revenue run rate exceeding R1.8 billion for TymeBank and R100 million for GoTyme.
The business is experiencing rapid growth in its two key markets – South Africa and the Philippines – acquiring an impressive 450,000 new customers each month.
The primary mission is to provide quality financial services, especially to the underserved and financially excluded segments of the population.
TymeBank
Since its launch in February 2019, TymeBank has successfully garnered over 8 million customers, with a remarkable monthly acquisition rate of 200,000 customers. The bank records an average of 23 million monthly transactions, accompanied by a notable 70% 30-day account activity rate.
TymeBank’s steadfast focus for the upcoming months revolves around achieving profitability while maintaining its growth trajectory.
GoTyme’s Success in the Philippines
GoTyme, introduced in the Philippines in October 2022 through a strategic partnership with the Gokongwei Group, is experiencing exceptional growth.
Currently onboarding approximately 250,000 customers monthly, the bank has amassed a total customer base of 1.6 million.
GoTyme has surpassed most of its performance metrics, with deposit growth outpacing initial forecasts. In the coming weeks, the bank is set to launch its SME merchant cash advance product in the Philippines, further expanding its financial services portfolio.
As Tyme prepares to conclude its Series C Capital raise, the financial landscape of the digital banking sector is set for a significant shift.
With TymeBank’s impressive customer base and GoTyme’s rapid growth in the Philippines, the focus on providing quality financial services to the underserved is becoming a reality.
The upcoming months are poised to be transformative for Tyme, marking a new chapter in its journey towards financial inclusion and sustainable growth.
Also read: GUGU LOURIE: With Filipino partners, Motsepe’s Tyme is poised to expand into Southeast Asia
