Tyme, the innovative company behind TymeBank in South Africa and GoTyme in the Philippines, has achieved a groundbreaking milestone by securing a substantial R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership not only emphasises Nubank’s confidence in Tyme’s forward-thinking banking model but also strengthens Tyme’s position as a transformative force in the financial services sector across emerging markets.
The infusion of capital is part of a successful Series D funding round, which raised $250 million (R4.5 billion), bringing Tyme’s total valuation to $1.5 billion (R27 billion).
Nubank’s decision to invest highlights its recognition of Tyme’s potential to revolutionise banking services, much like Nubank has done in Brazil.
With a market capitalization of $68 billion, Nubank’s value approaches that of South Africa’s entire banking sector, valued at $85 billion, including Capitec.
Notably, both Nubank and Capitec have seen their market caps soar by over 70% this year, reflecting strong investor confidence in digital banking solutions.
Nubank is one of the world’s largest digital financial services platforms, serving 110 million customers across Brazil, Mexico, and Colombia.
Strategic advantages for Tyme
The partnership with Nubank brings invaluable expertise and resources to Tyme, particularly in areas like data analytics, credit risk management, product development, and marketing. These are critical levers that will drive Tyme’s growth and help it achieve leadership in its key markets.
“Nubank transformed financial services in Brazil,” said Coen Jonker, Founder and CEO of Tyme Group. “We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme, particularly in areas such as data analytics, credit risk management, product development, and marketing. This is a moment of great significance for Tyme.”
A shared vision for financial inclusion
David Vélez, Founder and CEO of Nubank, emphasized the global shift towards digitally native financial services.
“Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”
Expanding financial inclusion
The investment also aligns with the vision of other key stakeholders. Praveg Patil, Head of Asia Pacific, Impact & Private Equity at M&G, noted: “Investing in innovative companies like Tyme Group is essential for driving financial inclusion in underserved markets. M&G’s Catalyst is able to invest in transformative initiatives that create lasting social impact. Through this investment, we are addressing the needs of communities that have traditionally been excluded from the financial system to build a more inclusive financial ecosystem.”
Growth and future prospects
Karl Westvig, CEO of TymeBank, Tyme Group’s flagship bank in South Africa, highlighted the transformative impact of the funding on Tyme’s growth strategy.
“This funding will propel our growth strategy, enabling us to realize our stated goal of being a top three retail bank in South Africa in the next three years. Additionally, the enhanced credibility and market visibility that comes with the affiliation with Nubank, along with the large established networks of global investors, including GIC, Berkshire Hathaway, and others, helps pave the group’s path towards a potential listing by 2028.”
This landmark partnership with Nubank marks a turning point for Tyme, setting the stage for accelerated growth, expanded market presence, and meaningful contributions to financial inclusion in Africa and Southeast Asia. With the support of a global digital banking giant and other prominent investors, Tyme is well on its way to reshaping the financial services landscape in underserved markets around the world.
With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia
Tyme, Owners Of TymeBank And GoTyme, Raises R4.5 Billion In Funding Led By NYSE-Listed Brazilian FinTech Nubank
By Gugu Lourie
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.
