On 23 February 2021, Tyme, the leading digital banking network for emerging markets, announced its USD110 million Series B capital raise led by Apis Partners, a leading financial services and financial infrastructure private equity investor focused on Growth Markets, and Gokongwei-family-owned JG Summit Holdings from the Philippines. Tyme’s majority shareholder Africa Rainbow Capital (ARC) also participated in the round.
Zelig acted as placement agent for a portion of the USD110m Series B capital raise.
The new funds will allow Tyme to grow its flagship bank in South Africa (TymeBank) further in addition to laying the foundation for Tyme’s expansion across ASEAN, starting with the Philippines where a new banking proposition will be launched together with JG Summit Holdings.
This investment represents a strong endorsement for TymeBank as one of the world’s fastest growing digital banks and for the South Africa banking sector overall. In less than two years from its launch in February 2019, TymeBank has attracted 2.8 million fully KYC’ed customers.
With the announcement of the new digital bank framework in the Philippines, JG Summit Holdings and Tyme will apply together for a digital bank licence and subsequently launch the Tyme digital banking proposition, replicating TymeBank’s South African success story.
Some aspects of the transaction remain subject to regulatory approvals.
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.
Co-founder and Executive Chairman, Tyme
We see digital banking as the next growth area globally and increasingly in ASEAN, and so we are excited to partner with global investment giants Apis and ARC in taking part in this global play by building further success for South Africa’s leading digital bank TymeBank. The investment not only propels the Gokongwei Group to accelerate its foray into disruptive digital plays, it also allows us to learn more about TymeBank’s experiences that provide a good impetus for us in considering to apply their technology and success in the Philippines.
President and CEO, JG Summit Holdings
As an experienced investor in financial services, we are thrilled to partner with the team at TymeBank who have built an exceptional business in a competitive market such as South Africa. We are confident that this investment will accelerate TymeBank’s growth and already impressive onboarding figures.”
Managing Partner, Apis Partners
Tyme is a multi-country digital banking group, focused on bridging the digital divide in emerging markets, by integrating into physical retail ecosystems. Headquartered in Singapore with offices in Hong Kong and Ho Chi Min City, Tyme designs, builds, and commercializes digital banks for the mass market, with a particular expertise in serving under-served and under-banked populations. Tyme recognizes the unique challenges of emerging markets digital banking and builds financial education, a high-tech–high-touch approach, and efficient cash management solutions to meet the needs of the emerging mass market in these countries. Tyme is now launching operations in Asia, based on its successful experience in South Africa. Tyme powers its deployments through its loosely coupled microservice platform, with its design and engineering team based in Ho Chi Minh City, Vietnam.
For more information, please visit www.tyme.com
TymeBank is currently one of the world’s fastest-growing digital banks as it on-boards between 110,000 and 120,000 clients per month.
The bank is designed to meet the needs of underserved and underserviced South African banking customers. The bank’s vision is to create a platform that stimulates economic participation and facilitates broader financial inclusion. TymeBank is majority-owned by African Rainbow Capital which was founded by Dr Patrice Motsepe, making it South Africa’s first majority black-owned bank.
TymeBank has formed a long-term strategic partnership with Pick n Pay and Boxer stores, allowing its customers to bank where they shop, at Pick n Pay and Boxer stores around the country.
For more information, please visit www.tymebank.co.za
Zelig is an independent investment banking firm focused exclusively on FinTech and related technologies. With a core team in London and New York supported by a network of senior advisers around the world, we provide M&A and capital raising advice to entrepreneurs, corporates and investors globally. For more information, please visit https://www.zeligassociates.com