Tyme Group is a leading fintech company that recently secured $250 million Series D funding pushing the company to unicorn status with a valuation of $1.5 billion. This landmark achievement sets Tyme Group as Africa’s ninth unicorn, further solidifying the continent’s position as a hub for innovative and rapidly growing companies.
The Series D funding round was led by Nu Holdings, the parent company of Nu Bank, Latin America’s most valuable fintech. Nu Holdings invested $150 million in exchange for a 10% stake in Tyme Group. Additional participants in the round included M&G Catalyst Fund and existing investors.
This significant investment serves as a vote of confidence in Tyme Group’s visionary approach to financial services and its potential for continued growth and expansion. The funding also highlights the increasing attractiveness of Africa’s fintech sector to global investors.
Tyme Group was founded in 2019 and has rapidly established itself as a leading player in the African fintech landscape. The company operates through a hybrid model, offering online and physical banking services, including checking and savings accounts, debit cards, and buy-now-pay-later credit.
With over 15 million customers, Tyme Group has extended over $600 million in financing to small businesses in South Africa and the Philippines. The company’s South African subsidiary, TymeBank, has announced plans to launch in Indonesia by the end of 2024, further expanding Tyme Group’s global footprint.
The company announces that the $250 million funding will be used to drive Tyme Group’s expansion plans, including the development of new products and services, as well as strategic partnerships. The company’s partnership with Nu Holdings, for instance, is expected to enable knowledge sharing and collaboration between the two companies.
Tyme Group’s achievement of unicorn status is a significant landmark for the African fintech sector. With seven out of nine African unicorns being fintechs, Tyme Group’s valuation further underscores the dominance of fintechs in the continent’s startup ecosystem.
Conclusion
Tyme Group’s $250 million Series D funding is a proof of the company’s ingenious approach to financial services and its potential for continued growth and expansion. As Africa’s ninth unicorn, Tyme Group is committed to play a leading role in shaping the continent’s fintech landscape.
