DIGITAL banking group Tyme has successfully secured investments from China-based Internet and technology company Tencent and UK development finance institution CDC to complete its $180-million Series B capital raise.
The investments from Tencent and CDC are pegged at an additional $70-million.
Tyme, which has its roots in South Africa, is using the $180-million it has raised to fund and grow TymeBank in South Africa and to fund GOTyme in the Philippines, where it has secured a digital bank licence in partnership with the Filipino conglomerate Gokongwei Group.
The group also sees potential for further international expansion.
The first part of Tyme’s Series B raise concluded earlier this year when it secured $110-million from Apis Growth Fund II, a private equity fund managed by Apis Partners and Gokongwei’s JG Summit Holdings.
The investments will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services to TymeBank’s historic
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