TymeBank, a South African Neobank, has raised $70 million in a Sequence B extension

TymeBank has introduced that it has raised $70 million in a Sequence B spherical led by Tencent and CDC Group, bringing the whole quantity raised to $180 million.

Apis Development Fund II and Gokongwei’s JG Summit Holdings invested $110 million in TymeBank earlier this 12 months.

“This can be a very welcome funding from Tencent and CDC,” stated Coen Jonker, co-founder of Tyme. It’s an announcement of confidence in each our digital banking service and our management groups in South Africa, Singapore, and the Philippines.

“This can be a historic milestone for TymeBank,” stated CEO Tauriq Keraan. We’re excited to proceed to show our wonderful strategic and execution capabilities to all of our buyers, in addition to to profit from Tencent and CDC’s broad world experience gained through quite a lot of digital enterprise investments. We’re equally ecstatic concerning the prospect of pursuing the synergies that exist throughout all buyers and companions, with the aim of offering additional worth to our prospects.”

“We’re completely happy to welcome Tencent and CDC as our new co-investors in Tyme,” stated Dr. Patrice Motsepe, Founder and Chairman of African Rainbow Capital, which is Tyme’s largest shareholder. The power to draw buyers of this caliber is a testomony to Tyme’s worth proposition and administration’s worldwide competitiveness. TymeBank’s success in South Africa is a results of the innovation of our monetary service, which is mirrored in our enterprise mannequin. We hope to have a protracted and fruitful partnership with Tencent and CDC.”

Tyme will be capable of use its digital infrastructure to hurry up the supply of monetary providers to TymeBank’s mass-market prospects because of the investments. Tyme’s skill to handle danger might be improved, and Tyme’s growth into areas the place CDC has a presence might be aided by the capital and experience of the 2 buyers.

 

Learn extra on Tech Gist Africa:

TradeDepot, a Nigerian B2B e-commerce startup, has raised $110 million in a Sequence B funding spherical

African Blockchain Lab, a blockchain expertise agency, has raised $6 million in Sequence Pre-A funding.

South Africa’s digital financial institution TymeBank raises $109 million, plans Asian market enlargement

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