Nubank, the world's largest digital bank by market value, is investing $150 million in Tyme Group, a South African neobank, valuing Tyme at $1.5 billion. This investment will help Tyme expand into Southeast Asia and strengthen Nubank's global presence.
Nubank , the world’s biggest digital bank by market value, is planning to invest $150 million in Tyme Group , valuing the neobank launched in South Africa at $1.5 billion and helping to finance its push into south-east Asia. The cash injection will bring Tyme into a select club of Africa-related “unicorns” — start-ups valued at above $1 billion — and underline Nubank ’s growing reach outside Latin America.
It also highlights a trend in which start-ups have migrated models launched in Africa to other regions, and vice versa. TymeBank was launched in 2019 with the backing of Patrice Motsepe, one of South Africa’s richest men. It launched GoTyme, its Philippines bank, last year and is planning to open a digital bank in Vietnam, where it already employs 300 technology staff, next year. At the end of June, Motsepe’s African Rainbow Capital valued its stake of just over half of Tyme at about R4.5 billion ($250 million). The bank turned its first profit at the end of 2023. Chinese internet group Tencent is also an investor. Nubank’s acquisition of a 10 percent stake in Tyme is part of a $250 million series D capital raise in which M&G Catalyst, part of UK asset manager M&G, is investing $50 million. Existing shareholders will put up another $50 million. Tyme originally focused on low-income South Africans in townships before it pivoted to acquiring better-off customers in South Africa and south-east Asia. Coen Jonker, Tyme’s co-founder and chief executive, told the Financial Times that Nubank’s investment was an endorsement from “the most successful digital bank in history”. Since a 2013 launch and listing in 2021, Nubank, has grown to a market capitalisation of $56 billion. Jonker said Tyme was preparing for a listing, most likely in New York, by the end of 2028, although he did not rule out it being acquired, with Nubank an obvious potential buye
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