Nubank Invests $150M in Tyme Group to Drive Digital Banking Growth

Nubank, one of the world’s largest digital financial services platforms, has announced a $150 million investment in Tyme Group, a rapidly growing digital bank with operations in South Africa and the Philippines. This investment leads Tyme Group’s Series D funding round, which totaled $250 million.

Other participants in the funding round include M&G Catalyst Fund, which invested $50 million, and Tyme’s existing shareholders, contributing an additional $50 million.

A Strategic Partnership

With this investment, Nubank becomes a minority shareholder in Tyme Group. According to David Vélez, founder and CEO of Nubank:

“Tyme Group is extremely well-positioned to be a leader in digital banking in Africa and South East Asia. We are excited to share our learnings from scaling to millions of customers.”

This partnership aligns with Nubank’s mission to expand access to affordable and user-friendly financial services globally.

Tyme Group: A Digital Banking Pioneer

Founded in South Africa in 2019, Tyme Group has adopted a hybrid banking model, combining a digital-first platform with physical touchpoints such as kiosks and ambassadors in retail locations. This approach has enabled Tyme to provide cost-effective, quality banking solutions, amassing over 15 million customers.

The group operates in:

• South Africa: TymeBank
• Philippines: GoTyme Bank, launched in partnership with the Gokongwei Group in 2022
• Singapore: Global headquarters
• Vietnam: Technology and product development hub

Tyme’s expansion plans include launching operations in new markets, leveraging its expertise in serving emerging market populations and small-to-medium enterprises (SMEs).

Coen Jonker, Chairman and co-founder of Tyme Group, welcomed the partnership, stating:

“Nubank’s investment and counsel will support our growth and expansion plans as we work to improve the financial lives of millions across emerging markets.”

The investment underscores the increasing importance of fintech in improving financial inclusion and accessibility in emerging markets. Tyme Group’s unique blend of high-tech and high-touch banking models positions it as a key player in regions where traditional banking services are often inaccessible or expensive.

About Nubank

Nubank, serving over 110 million customers across Brazil, Mexico, and Colombia, is revolutionizing financial services through data-driven innovation. Recognized as one of the most impactful fintech companies globally, Nubank’s focus on responsible lending and simplicity has made it a trusted partner in transforming financial services.

About Tyme Group

Tyme Group specializes in digital banking for emerging markets, delivering innovative, cost-effective solutions for both consumers and SMEs. Its customer-centric approach, backed by technology, has driven its success in South Africa and the Philippines, with plans for continued growth across Asia and Africa.

Nubank’s investment in Tyme Group highlights the growing role of digital banking in emerging markets. By combining innovative financial models with technology, Tyme and Nubank are set to redefine access to financial services, fostering economic empowerment for millions.

Follow Joburg ETC on Facebook, Twitter , TikTok and Instagram

For more News in Johannesburg, visit joburgetc.com