Tyme, a South African fintech startup, has successfully secured two new international investors as part of its pre-series C capital raise launched in January this year.
This comes as the group’s South African flagship, TymeBank, celebrates its 7 million customer milestone this month (12 May 2023).
Along with the two new shareholders – Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capita, an independent global impact investment firm – Tyme’s shareholders have invested a total of US$77.8m.
The funds being raised are intended to further operations in South Africa and the Philippines, for future expansion in Southeast Asia, and for a partial share buyback.
David Moore, Principal of Funds and Co-Investments at BlueEarth, stated: “We invested in Tyme Group thanks to our long-standing partnership with Apis Partners who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion.
“BlueEarth is excited about backing Tyme’s innovative, retail partnership model which enables affordable access to first-class banking products to all consumers, including those most vulnerable or living in remote locations.”
Commenting on their investment, Natalie Kolbe, Managing Partner at Norrsken22, said: “We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analysed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups.
“The exceptional management team have already built one of the largest challenger banks in the world, and we are looking forward to being part of the next phase of their journey.”
Coen Jonker, Co-founder of Tyme and TymeBank CEO, commented: “We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story, and its mission to democratize financial services.”
Work continues with interested investors, with Series C expected to close later in the year.
African Rainbow Capital (ARC) remains Tyme’s majority shareholder. Dr Patrice Motsepe, Founder and Chairman of ARC, said: “We remain excited and committed to further creating value in building a global digital banking portfolio with our fellow shareholders and partners and we welcome the new investors who have participated in this raise.”
