Tyme raises $77.8m to boost global expansion

By Leandra Monteiro

Tyme, a digital banking group has successfully raised $77.8 million from Norrsken22 and Blue Earth Capital. The two new investors have come on board as part of its pre-Series C capital raise.

Along with the two new shareholders, Norrsken22, an African-focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm – Tyme’s shareholders have invested a total of $77.8m, with Tencent increasing its shareholding to become Tyme’s third largest shareholder. The funds being raised are intended to further operations in South Africa and the Philippines as well as for future expansion in Southeast Asia.

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-caliber investors who have bought into Tyme’s  growth story and its mission to democratise financial services by lowering cost and other barriers to  access.”

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.”

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.”