Tyme, the company behind TymeBank in South Africa and GoTyme in the Philippines, has secured a significant R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership marks a major milestone for Tyme as it continues to expand its footprint in the global digital banking space.

The funding emphasises Nubank’s confidence in Tyme’s innovative banking model and its potential to transform financial services in emerging markets.

Nubank’s market cap of $68 billion is just shy of South Africa’s total banking sector of $85 billion, including Capitec. Both Nubank and Capitec’s market caps have risen by over 70% this year.

The successful completion of a $250 million or R4.5 billion  Series D funding round for a total valuation of $1.5 billion or R27 billion for Tyme.

This investment emphasises Tymes significant growth trajectory and potential to become a leading digital bank in Africa and Southeast Asia.

The oversubscribed funding round was led by Nubank, which invested $150 million. M&G Catalyst Fund contributed $50 million, with the remaining $50 million coming from existing shareholders, including African Rainbow Capital Financial Services Holdings (Pty) Ltd.

This capital infusion will enable Tyme to accelerate its expansion plans, enhance its technology platform, and strengthen its position in key markets. The funding will also support Tyme’s ambition to become a top three retail bank in South Africa within the next three years and pave the way for a potential stock exchange listing by 2028.

Patrice Motsepe, Chairperson of African Rainbow Capital, said “as a long-term strategic shareholder in Tyme, we enthusiastically welcome the partnership with leading global digital bank NuBank, as we are convinced this will lead to an even higher and significantly accelerated growth trajectory for the multi-country.”

TymeBank, launched in 2019, has surpassed 10 million customers with a 29% year-on-year growth rate, while GoTyme, in partnership with the Gokongwei Group, has achieved extraordinary traction of 317% year-on-year growth, amassing over 4 million customers since its October 2022 launch.  

 “This partnership between Nubank and Tyme highlights the essence of Endeavor’s mission, which is to connect high-impact entrepreneurs from emerging markets with opportunities that allow them to scale beyond borders,” said Alison Collier, MD of Endeavor South Africa. “It’s an example of how aligning the right partners at the right time can create exponential value.”  

Tyme’s relationship with Endeavor began in 2021 when the company joined the Endeavor South Africa network. Initially supported through mutual mentorship, the partnership evolved to include investments via our global co-investment fund, and Endeavor’s South African-focused Harvest Fund. Recently, Tjaart van der Walt, co-founder and CEO of TymeBank, joined the Endeavor South Africa board to continue to support the work that Endeavor does in championing the next generation of entrepreneurs. This has been dubbed as the Endeavor ‘multiplier effect’ – practicing the philosophy of paying it forward.    

Endeavor’s global network proved instrumental in connecting Tyme with the Gokongwei Group, a crucial strategic partner for its expansion into the Philippines amongst others. Similarly, the introduction to Nubank was facilitated by Endeavor after a meeting at one of its events in New York, where Endeavor’s headquarters are located. This led to direct engagements between the two companies, culminating in a deal that positions Tyme for further growth in emerging markets.   

“Endeavor’s network doesn’t just open doors; it brings the right trusted people into the room,” Collier explained. “That was pivotal in creating the trust and alignment necessary for a deal of this magnitude.”   

With operations spanning Latin America and Europe, Nubank brings substantial resources and expertise to its partnership with Tyme’s complementary footprint in Africa and South-East Asia. The Brazilian fintech giant, which has a customer base of over 100 million and $8 billion in cash reserves, is well-positioned to accelerate the scaling of Tyme’s operations both in its current and new markets.   

“This investment represents a major milestone for Tyme and validates its innovative approach to digital banking,” said Collier. “Nubank’s market cap of $68 billion is just shy of South Africa’s total banking sector of $85 billion, including Capitec. Both Nubank and Capitec’s market caps have risen by over 70% this year.”  

 The Nubank-Tyme partnership is one of a growing trend within the Endeavor ecosystem. Other recent deals between Endeavor companies include Turkish fintech Papara’s acquisition of Pakistani SadaPay in May 2024, and the merger between ecommerce platforms Egyptian MaxAB and Kenyan Wasoko in August this year.  

Endeavor’s global VC Fund has made over 325 investments in 30 countries, with nearly a quarter of its portfolio in fintech, including investing in Tyme. The fund has backed 49 unicorns to date, highlighting Endeavor’s ability to identify high-growth ventures and fostering meaningful connections. 

 Endeavor South Africa’s VC Fund (Harvest Fund) has similarly played a critical role in supporting local entrepreneurs. Following the success of Harvest Fund II, which has invested in 17 companies, Harvest Fund III recently achieved its first close, with plans to invest in up to 30 high-growth South African businesses. Harvest Fund II and III have invested in Tyme. 

The broader impact of these investments extends beyond individual companies. Each deal amplifies the entrepreneurial ecosystem, creating jobs and driving innovation. Globally, Endeavor entrepreneurs have created over 4.1 million jobs and generate more than $50 billion in annual revenue.  

For investors, the dual due diligence process conducted by Endeavor through its rigorous 18-month selection process, and its co-investment partners, helps de-risk opportunities while the absence of active due diligence fees ensures that focus remains on long-term value creation.  

 “The results speak for themselves,” Collier concluded. “Endeavor’s ability to connect the right people across markets and continents is driving transformative deals that not only elevate individual companies but also contribute to significant economic growth and innovation on a global scale.”  

As Tyme looks to leverage Nubank’s expertise and resources to grow in its existing markets and to expand its footprint, the deal stands out as a testament to the power of networks in shaping the future of entrepreneurship.

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