Nubank, one of the world’s largest digital financial services platforms, has announced a significant investment of US$150 million in Tyme Group, becoming the lead investor in the company’s Series D funding round. The total amount raised in this round was US$250 million, with M&G Catalyst Fund contributing US$50 million and existing shareholders adding another US$50 million. As part of the deal, Nubank will become a minority shareholder in Tyme Group, which has rapidly expanded its presence in South Africa and the Philippines, with 15 million customers to date.
David Vélez, founder and CEO of Nubank, commented on the investment: “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 one of the digital bank leaders in Africa and South East Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”
Founded in 2019 in South Africa, Tyme Group operates under a hybrid model that combines a customer-centric digital platform with physical experiences. These are delivered in partnership with nationwide retailers through digital kiosks and bank ambassadors. The bank aims to provide an affordable banking solution with a cost structure lower than traditional banks, helping it grow rapidly and serve over 15 million customers. Tyme Group focuses on emerging market populations, and besides its operations in South Africa and the Philippines, it has its global headquarters in Singapore, with a development hub in Vietnam where it plans to open its next operation.
Coen Jonker, Chairman and co-founder of Tyme, shared his enthusiasm for the partnership, saying, “Nubank revolutionized financial services and having them as a shareholder will help build rapport to our model, execution and expansion plans, both financially and through business counsel. We are focused on improving the financial lives of millions of people in our region, and we are energized by this round of investments to keep pushing forward.”
About Nubank
Nu is one of the world’s largest digital financial services platforms, serving 110 million customers across Brazil, Mexico, and Colombia. The company has been at the forefront of transforming the industry, using data and proprietary technology to create innovative products and services. Nubank’s mission is to simplify financial services and empower people, promoting financial access and advancement through responsible lending and transparency. The company’s business model combines low cost to serve with growing returns, and its impact has earned recognition through multiple awards, including Time 100 Companies, Fast Company’s Most Innovative Companies, and Forbes World’s Best Banks.
About Tyme
Tyme Group is a multi-country digital banking group focused on providing services to consumers and small businesses in emerging markets. With its headquarters in Singapore and a technology and product development hub in Vietnam, Tyme designs, builds, and operates digital banks that cater to the mass market. The company provides affordable, quality financial services through an innovative high-tech, high-touch approach. Tyme launched TymeBank in South Africa in 2019 and followed with the launch of GoTyme Bank in the Philippines in October 2022, in partnership with the Gokongwei Group. Tyme is committed to addressing the unique challenges of banking in emerging markets and continues to expand its footprint in these regions.