Tyme Group Co-Founder & Executive Chairman Coenraad Jonker
Singapore-based fintech company Tyme Group raised US$250 million in an oversubscribed Series D funding round led by Brazilian neobank which injected US$150 million, according to various media reports. M&G’s impact strategy Catalyst, with existing investors Tencent, Apis Partners, BII, and Blue Earth, also participated in the funding round.
With this funding round, Tyme Group became the first company to secure a unicorn status this year with a US$1.5 billion valuation.
It plans to use the funding to scale operations, diversify product range, and expand customer base while pursuing growth plans in Vietnam and Indonesia.
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Launched in 2022, Tyme Group operates GoTyme Bank in the Philippines which offers a range of banking services. In South Africa, the group’s banking app TymeBank provides cash advances to low-income and rural communities in return for future sales to support small enterprises.
In a previous interview with e27 in 2023, Tyme Group Co-Founder & Executive Chairman Coenraad Jonker said that its flagship operation in South Africa, TymeBank, has joined the five per cent of neobanks globally to be profitable—which it managed to achieve in just four years.
“After successfully launching in South Africa, we looked for structurally similar markets with a larger addressable market and lower cost efficiency, which were ripe for disruption,” he said.
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Image Credit: Tyme Group
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