Exclusive digital retail bank that provides banking services, Tyme, has secured $77.8 million in series C funding from Norrsken22 and Blue Earth Capital to expand operations.
The company revealed plans to use the funds to deepen its operations in South Africa and the Philippines as well as for future expansion in Southeast Asia, and a partial share buyback at a higher valuation than the previous capital raise.
Speaking on the funds raised, co-founder of Tyme and TymeBank CEO Coen Jonker said,
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“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 democratize financial services by lowering cost and other barriers to access”.
Also speaking of its investment in Tyme is the Managing Partner at Norrksen22 Natalie Kolbe who 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 analyzed a lot of fintech 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 has 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.”
TymeBank soft-launched on 5 November 2018, allowing consumers to open a basic transactional bank account at a limited number of kiosks in Pick n Pay Stores as well as online.
Since its official launch in February 2019, the digital bank now serves over 7 million customers in South Africa. The digital bank launched with its EveryDay transactional account bundled with a unique savings tool called GoalSave, its MoneyTransfer solution, and its TymeCoach App, which gives consumers free access to their credit report, supported by useful tips on how to make better money decisions.
The bank reportedly has a revenue run rate of over US$100 million per annum. Notably, in the run-up to its official launch, TymeBank acquired over 80,000 customers.
TymeBank is the first bank in South Africa to put its core-banking platform in the cloud. 85% of TymeBank’s systems are AWS cloud applications that provide system scalability, uniform security, and cost efficiencies.
The digital bank also offers a transactional account, money transfer service, savings account, and educational App. Traditional banking in South Africa typically comes with operations that are expensive to maintain and historically, innovation has progressed at a slow pace in this sector. TymeBank provides a modern, digital alternative to traditional banking brands.
The Bank has created a network of partners including Pick n Pay and Boxer. By joining forces with Pick n Pay and Boxer stores TymeBank has access to a relatively significant distribution footprint.