Nubank, a leading digital financial services platform globally, has announced a significant investment of US$150 million in Tyme Group, taking the lead in their Series D funding round.
The overall funding round totaled US$250 million, with M&G Catalyst Fund contributing US$50 million and existing shareholders adding another US$50 million.
Tyme Group is recognized as one of the fastest-growing digital banks worldwide, boasting 15 million customers and operations in South Africa and the Philippines. This investment positions Nubank as a minority shareholder in Tyme Group.
Mr. Vélez, Nubank's Founder and CEO, affirmed that Nubank's founding principle centers on the belief that digital-first companies will define the future of financial services. Following extensive collaboration with teams across diverse global regions, Nubank identifies Tyme Group as uniquely positioned to spearhead digital banking innovation within Africa and Southeast Asia. We anticipate a mutually beneficial partnership with Tyme, leveraging our expertise to expand this model's reach to hundreds of millions of clients.
Established in 2019 in South Africa, Tyme Group employs a hybrid model that merges a customer-focused digital platform with physical interactions, facilitated through partnerships with national retailers via digital kiosks and bank ambassadors.
Aiming to provide an affordable banking solution while maintaining a lower cost structure than traditional banks, Tyme Group has successfully attracted over 15 million customers.
The bank focuses on populations in emerging markets and, in addition to its operations in South Africa and the Philippines, has its Global Headquarters in Singapore and a development hub in Vietnam, where it plans to launch its next operation.
Nubank has transformed the financial services landscape, and their involvement as a shareholder will enhance our model, execution, and growth strategies, both in terms of finance and business guidance. Our commitment is to enhance the financial well-being of millions in our region, and we are motivated by this investment round to continue our progress, stated Coen Jonker, Chairman and co-Founder of Tyme.