Singapore-based digital banking firm Tyme Group has successfully raised $250 million in a Series D funding round, elevating the company to unicorn status with a valuation exceeding $1.5 billion.
The funding round was led by Brazilian digital banking powerhouse Nubank, which contributed $150 million, while M&G’s Catalyst Fund invested $50 million.
Existing investors, including the Gokongwei Group, Tencent, British International Investment (BII), Norrsken 22, Blue Earth, Lavender Hill, Ethos Fund, and Africa Fig Tree, also participated by investing an additional $50 million.
The investment underscores Tyme Group’s strategic expansion plans across Southeast Asia, particularly targeting markets in Vietnam and Indonesia, the company said in an announcement.
Leveraging Nubank’s extensive expertise in digital banking, lending, and product development, Tyme Group aims to accelerate its growth and enhance its financial offerings in these regions.
The partnership with Nubank is expected to provide Tyme Group with valuable insights and support in scaling its operations to serve a broader customer base.
Tyme Group operates as a multi-country digital banking group focused on delivering innovative financial solutions to consumers and small and medium-sized enterprises (SMEs) in emerging markets.
The company has established a strong presence in South Africa and the Philippines, where its subsidiary, GoTyme Bank, has rapidly gained recognition.
GoTyme Bank was recently named the fastest-growing bank in the Philippines and topped customer experience rankings in independent surveys conducted by the Singapore Economic Development Board and Gartner.
The infusion of capital from Nubank and other investors is set to bolster Tyme Group’s ability to enhance its technological infrastructure and expand its market footprint.
The company plans to utilize the funds to develop new financial products, improve customer service platforms, and increase its operational capacity to meet the growing demand for digital banking services in the targeted Southeast Asian markets.
Nubank, listed on the New York Stock Exchange and valued at over $57 billion, has been a disruptive force in the traditional banking sector across Brazil, Mexico, and Colombia.
By investing in Tyme Group, Nubank aims to extend its influence and support the growth of digitally native financial institutions globally. The collaboration is expected to facilitate knowledge transfer and foster innovation in digital banking practices, benefiting both companies and their customers.
The strategic partnership with Nubank is anticipated to accelerate Tyme Group’s mission to become a leading digital bank in Africa and Southeast Asia. With the additional funding, Tyme Group is well-positioned to enhance its service offerings, expand its customer base, and achieve significant milestones in its growth trajectory.
As Tyme Group continues to scale its operations, the company remains committed to driving financial inclusion and delivering superior banking experiences to millions of customers across its operating regions, per the announcement.