Tyme Secures $110 Million in Series B Funding

​Tyme, a multi-country digital banking group, recently announced that it has raised $110 million in series B funding as the company aims to bring foreign investment into South Africa for TymeBank and to launch digital bank in the Philippines.

According to the official announcement, Apis Growth Fund II, a private equity fund managed by Apis Partners and the Gokongwei-led JG Summit Holdings of the Philippines participated the latest funding. These investors are both experienced in financial services in emerging markets.

The investment will be primarily deployed to grow TymeBank, a digital bank that was launched in February 2019 and already rated the number two bank in South Africa by customers.

Additionally, the investment lays the foundation for Tyme's expansion across ASEAN, starting with the Philippines. Tyme will partners with JG Summit Holdings to expand financial access to underbanked and under-served Filipinos, after applying for a digital bank license from the Bangko Sentral ng Pilipinas.

Commenting on the transaction, Mr Coen Jonker, co-founder and Executive Chairman of Tyme said:”Internationally, digital banks are starting to take significant market share from traditional players. More importantly, they are bringing industry transformation and helping more people participate in the economy. Both Apis and JG Summit have already proven their commitment to this cause. We can't wait to work with them in South Africa, the Philippines and beyond.”