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TymeBank Achieves Unicorn Status with $250M Series D Funding,
TymeBank Group has officially joined Africa’s exclusive club of unicorns, reaching a valuation of $1.5 billion following a successful $250 million Series D funding round. This milestone makes TymeBank Africa’s ninth unicorn and comes on the heels of Moniepoint’s unicorn status announcement after its Series C round.
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Details of the Funding Round
The funding was led by:
- Nu Holdings Ltd. (Latin America) contributing $150 million.
- M&G Catalyst Fund adding $50 million.
- Existing shareholders, including Tencent Holdings Ltd. and Gokongwei Group, investing an additional $50 million.
The funding maintains African Rainbow Capital Investments Ltd. as the lead shareholder with a 40% stake, ensuring TymeBank’s position as South Africa’s only Black-owned and controlled commercial bank.
Global Ambitions: Expansion and IPO Plans
TymeBank, headquartered in Singapore, operates:
- TymeBank in South Africa: Boasting over 10 million customers.
- GoTyme in the Philippines: A joint venture aiming to become the top retail bank in the Philippines before expanding into Vietnam and Indonesia.
This funding round, likely the final before an anticipated IPO by 2028, will support:
- Expansion into new markets.
- Achieving a 30% return on equity in South Africa.
- Strengthening investor confidence in fintech.
A History of Growth
Founded in 2012 as a Deloitte project funded by MTN, TymeBank has seen exponential growth:
- Series A (2019): $14 million.
- Series B (2021): $110 million (plus $70 million in December 2021).
- Pre-Series C (2022): $78 million.
- Additional $9.5 million in September 2022.
The latest Series D funding reflects recovering investor interest in Africa’s fintech landscape.
Africa’s Unicorn Landscape
According to Max Cuvellier Giacomelli, fintech dominates Africa’s evolving unicorn ecosystem, with eight out of nine unicorns operating in the fintech space. TymeBank’s milestone reinforces the sector’s role as a driver of growth and innovation on the continent.
Image: Africa: The Big Deal
Strategic Commentary
TymeBank’s rise reflects its innovative approach to digital banking and its ability to scale rapidly across markets. Patrice Motsepe, the South African billionaire behind African Rainbow Capital Investments Ltd., underscores the significance of having a Black-owned and controlled bank thrive on a global stage.
The addition of Nu Holdings as a strategic investor signals confidence in TymeBank’s ability to replicate its success in South Africa and the Philippines across other high-growth regions.
