South Africa’s digital bank, TymeBank, has raised $109 million in funding, seeking to bolster its growth and drive its commercial expansion across the country.
Investors who took part in the funding include Apis Growth Fund II, a private equity fund managed by Apis Partners, and JG Summit Holdings, one of the Philippines’ largest conglomerates.
The company reports that this investment will come in two tranches, with $34 million having already been invested in the business, while the remaining $75 million on course to be invested over the next 12 to 15 months.
Launched in February 2019, TymeBank has been signing up approximately 100,000 customers a month since its launch. It currently has about 2.8 million customers and says it should hit the 3 million customer mark by the end of March 2021. The company is the first bank in South Africa to be fully operated off a cloud-based infrastructure network and the first to be granted a commercial banking license in the country since 1999.