Tymebank, a South Africa-based digital financial institution, just lately accomplished its Series B funding spherical with $70 million invested within the agency by Tencent and U.Ok. improvement financier, CDC Group.
Funds to Support Tyme’s Expansion Into New Markets
Tymebank, a digital financial institution from South Africa, just lately raised a further $70 million from its newest funding spherical, led by Tencent and the U.Ok.-based improvement finance group, the CDC Group.
This newest capital elevate brings the worth of funds Tymebank has acquired by way of the Series B to $180 million. Prior to this newest funding, Tymebank had acquired $110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.
Meanwhile, following the capital elevate, a report by News24 states that the digital financial institution will use the brand new cash to fund its home enlargement and to facilitate the financial institution’s entry into different markets.
“The two investor’s capital and expertise will also be used to improve Tyme’s ability to manage risk and support Tyme’s expansion into markets where CDC has a presence,” an announcement from the financial institution defined.
The report provides that Tymebank may also use a part of the funds raised to assist Gotyme within the Philippines, the place it has secured a digital financial institution license in partnership with the Gokongwei Group.
In commending the financial institution’s potential to draw traders, Coen Jonker, co-founder of Tyme mentioned: “This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines.”
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