Tymebank, a South Africa-based digital financial institution, lately accomplished its Series B funding spherical with $70 million invested within the agency by Tencent and U.Okay. growth financier, CDC Group.
Funds to Support Tyme’s Expansion Into New Markets
Tymebank, a digital financial institution from South Africa, lately raised an extra $70 million from its newest funding spherical, led by Tencent and the U.Okay.-based growth finance group, the CDC Group.
This newest capital elevate brings the worth of funds Tymebank has acquired through the Series B to $180 million. Prior to this newest funding, Tymebank had obtained $110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.
Meanwhile, following the capital elevate, a report by News24 states that the digital financial institution will use the brand new cash to fund its home enlargement and to facilitate the financial institution’s entry into different markets.
“The two investor’s capital and experience may even be used to enhance Tyme’s skill to handle threat and help Tyme’s enlargement into markets the place CDC has a presence,” an announcement from the financial institution defined.
The report provides that Tymebank may even use a part of the funds raised to help Gotyme within the Philippines, the place it has secured a digital financial institution license in partnership with the Gokongwei Group.
In commending the financial institution’s skill to draw buyers, Coen Jonker, co-founder of Tyme mentioned: “This is a really welcome funding from Tencent and CDC. It is a transparent vote of confidence in our digital banking providing in addition to our management groups in South Africa, Singapore, and the Philippines.”
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