Digital bank Tyme raises $110m, to apply for license in the Philippines

Neobank Tyme said it has raised US$110 million in a series B round from its new Singapore headquarters, laying the foundation for its ASEAN expansion and the further growth of its South African digibank brand TymeBank.

Investors in the round include Apis Growth Fund II, a private equity fund managed by Apis Partners, and the Gokongwei-led JG Summit Holdings of the Philippines, according to a statement.

Photo credit: Tyme

The company said it will primarily use the new funding to grow TymeBank in South Africa. Tyme claims that within less than two years since its launch, TymeBank has been able to attract 2.8 million customers to become the number two bank in the country in terms of number of customers.

Additionally, Tyme said it plans to apply for a digital bank license from the central bank of the Philippines, aiming to leverage its relation with JG Summit.

“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 [to consider applying] their technology and success in the Philippines,” said JG Summit president and CEO Lance Gokongwei.

Launched in February 2019, TymeBank aims to create a platform that stimulates economic participation and facilitates broader financial inclusion. A majority of its stake is owned by African Rainbow Capital.

The company said it currently onboards between 110,000 and 120,000 clients per month.