Nubank, the Brazilian digital banking giant, has led a $250 million Series D funding round for African digital bank Tyme Group, valuing it at $1.5 billion. Nubank contributed $150 million, securing a 10% stake, while M&G Catalyst Fund invested $50 million and existing investors provided the rest. Tyme operates in South Africa through TymeBank and in the Philippines with GoTyme, serving 15 million customers. The funding will support Tyme's expansion into Southeast Asia, including Vietnam and Indonesia, as it aims to become a top retail bank in South Africa within three years. Tyme is also considering an IPO by 2028, with potential listings in New York and Johannesburg. This investment highlights Nubank’s strategy to extend its global reach and support digital banking growth in emerging markets.
Key Points:
- Nubank's Investment: Contributed $150 million to the funding round, acquiring a 10% stake in Tyme Group.
- Additional Investors: M&G Catalyst Fund invested $50 million, with existing shareholders contributing the remaining $50 million.
- Tyme's Valuation: Achieved unicorn status with a valuation of $1.5 billion following this funding round.
- Operational Footprint: Serves 15 million customers across South Africa and the Philippines through TymeBank and GoTyme, respectively.
- Expansion Plans: Aims to enter Southeast Asian markets, specifically Vietnam and Indonesia, and aspires to become a top three retail bank in South Africa within three years.
- Future Prospects: Considering an initial public offering (IPO) by 2028, with potential listings in New York and Johannesburg
