Tyme, a worldwide digital bank and the parent company of South Africa’s TymeBank, has raised $77.8 million in pre-series C capital from Norrsken22 and Blue Earth Capital. This comes as the group’s flagship South African bank, TymeBank, welcomes its seven millionth customer this month.
Tyme’s shareholders have invested a total of $77.8 million, including Norrsken22, an African focused tech growth fund, and Blue Earth Capital (“BlueEarth”), an independent global impact investment firm.
The cash will be used to expand its activities in South Africa and the Philippines, as well as in Southeast Asia in the future.
“We are thrilled to be investing in Tyme. We looked at a lot of fintechs across the continent, and Tyme stood out with its impressive growth, differentiated product, and unique ability to reach and serve new customer,” says Natalie Kolbe, Managing Partner at Norrsken22.
Tyme has a revenue run rate of more than $100 million per year. Since its inception in February 2019, the digital bank has served over seven million customers.
“We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story and its mission to democratise financial services by lowering cost and other barriers to access,” says Coen Jonker, Tyme’s Co-founder and TymeBank CEO.