Brazilian digital bank Nubank said on Monday it has invested $150 million in Tyme Group, a Singapore-based digital bank backed by China's Tencent with 15 million customers in South Africa and the Philippines.
Having completed its latest investment round, Tyme Group has achieved unicorn status - conferred on startups valued at more than $1 billion - after securing funds giving it a total valuation of $1.5 billion, Tyme said in a separate statement.
The funding will help Tyme Group finance its push into Southeast Asia and list by 2028, it said.
Nubank said Tyme Group's series D funding round totalled $250 million, with M&G Catalyst Fund subscribing for $50 million and existing shareholders providing a further $50 million.
"This funding will propel our growth strategy, enabling us to realize our stated goal of being a top three retail bank in South Africa in the next three years," said Karl Westvig, CEO of TymeBank in South Africa.
"Additionally, the enhanced credibility and market visibility that comes with the affiliation with Nubank, along with the large established networks of global investors, including GIC, Berkshire Hathaway, helps pave the group's path towards a potential listing by 2028," he added.
Westvig told Reuters in an interview that the company was looking to list in New York.
Tyme Group has operations in South Africa through TymeBank, which was launched in 2019. Its second digital bank, GoTyme, is in the Philippines.
The group is now gearing up for expansion into Vietnam and Indonesia.
In Vietnam, where it only has merchant lending operations, the group plans to roll out core transaction banking products later in 2025, while in Indonesia it also plans to launch merchant cash advance and is looking for a banking licence, Westvig told Reuters.
In South Africa, Tyme will relaunch its credit cards later next year at scale and is considering crypto in the long-term, but would need to decide "whether we facilitate crypto or whether we create an exchange", Westvig added.
Tyme Group's largest shareholder is African Rainbow Capital, controlled by African billionaire Patrice Motsepe.
