TymeBank, a South African Neobank, has officially joined Africa’s prestigious unicorn club following its successful $250 million Series D funding round, valuing the company at $1.5 billion.
The funding round was led by Nu Holdings, the parent company of NuBank, Latin America’s most valuable fintech, which invested $150 million for a 10% stake. Additional contributions included $50 million from M&G Catalyst Fund and $50 million from existing shareholders.
The latest funding round brings Tyme’s total capital raised to nearly $600 million, signaling renewed investor confidence in Fintechs despite recent global economic challenges. TymeBank recent unicorn status will see it emerge as Africa’s ninth unicorn, two months after Nigeria’s fintech company Moniepoint, gained unicorn status in October this year, following its $60m Series C funding.
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Founded in 2019, aimed to disrupt South Africa’s traditional banking landscape by focusing on the underbanked segment. The Neobank operates a unique hybrid digital banking model, integrating online services with physical service points. Its primary focus is on building digital banks in emerging markets, providing products such as checking and savings accounts, debit cards, buy now, pay later services, and cash advances. The company currently serves 15 million customers across South Africa and the Philippines.
In South Africa, TymeBank has been a growth leader, boasting 10 million users. Its Philippines-based counterpart, Go Tyme, launched in partnership with the Gokongwei Group in 2022, has reached 5 million users. Together, these platforms have raised over $400 million in customer deposits and extended more than $600 million in financing to small businesses.
It is interesting to note that in January 2024, reports revealed that TymeBank turned its first-ever profit nearly five years post-launch. The Founder and Chairman of African Rainbow Capital (ARC), Patrice Motsepe, lauded the fintech for its historic profitability, citing more than four years of committed work, strategic investments, and “an unwavering commitment to the business’s core mission to offer quality banking services to all South Africans.”
TymeBank ascribes its achievement to its unique hybrid approach of combining digital channels with its, walk-in kiosks, made possible by long-standing, strategic partnerships with retailers, such as Pick n Pay, Boxer, and TFG, and loyal customers. The company also attributes its success to the unshakeable confidence of its shareholders.
Notably, Tyme Group, led by chairman and founder Con Jonker, is setting its sights on further expansion, with plans to enter Vietnam and Indonesia in 2025. The company remains majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC), which holds a 40% stake.
Looking ahead, the company is targeting a New York Stock Exchange listing by 2028, with plans for a secondary listing in South Africa, cementing its position as a leader in emerging market fintech innovation.
