Norrsken22, an African growth-stage investor, and Blue Earth Capital, a global impact investment firm, co-led the round.

This funding brings TymeBank’s total capital raised to over $260 million.

Existing investor Tencent, which led TymeBank’s $180 million Series B round in December 2021, also participated in this pre-Series C round, increasing its stake to become the third-largest shareholder.

Launched in 2019, TymeBank has grown rapidly, reaching a milestone of 7 million customers in South Africa alone.

The bank offers a convenient, low-cost banking experience through a hybrid model, combining digital access with physical touchpoints at retailers and partner locations.

This strategy has been particularly successful in reaching unbanked and underbanked populations.

“Tyme has continually pushed forward the evolution of banking,” the company said in a statement. “We were the first fully cloud-based bank in South Africa and enable opening an account in under five minutes.”

The new capital will fuel TymeBank’s continued growth in South Africa and the Philippines, where it launched its GoTyme brand in October 2023. TymeBank also plans to leverage the funding for further expansion in Southeast Asia.

“We are delighted to invest in Tyme,” said Natalie Kolbe, managing partner at Norrsken22. “Their unique product and impressive growth have set them apart. We are excited to support this exceptional team as they continue to revolutionize banking for the underbanked.”

With a strong presence in South Africa, a foothold in the Philippines, and ambitions for Southeast Asia, TymeBank is well-positioned to become a major player in the digital banking landscape.

The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group subsidiary, announced a $50.3 million guarantee for Nuru’s development of solar-powered metropolitan electricity grids.

This follows previous support from the International Finance Corporation (IFC) which participated in a $40 million Series B funding round for Nuru. Proparco, a subsidiary of the French Development Agency (AFD), also joined the effort.

Nuru, based in Goma, North Kivu province, aims to deploy 15 MW of total capacity across the cities of Goma, Kindu, and Bunia.

Bunia is expected to house the largest network within this portfolio. Additional funding comes from the Renewable Energy Performance Platform (REPP), the Global Energy for People and Planet Alliance (GEAPP), E3 Capital, and GAIA Impact Fund.

Notably, French renewable energy producer Voltalia, along with the Schmidt Family Foundation and the Joseph Family Foundation, also participated in the recent Series B round.

This significant financial backing aims to bring electricity to an estimated 28,000 households and businesses in eastern DRC.

The region faces instability, particularly due to the M23 rebellion. However, Nuru’s management downplays the risks to their electricity infrastructure.

MIGA’s guarantee plays a crucial role in mitigating investor concerns in this fragile environment. “MIGA’s partial expropriation coverage is a novel aspect of the project, ensuring each mini-grid is covered separately,” stated the World Bank Group agency.

The project presents a promising development for expanding access to clean energy in eastern DRC.

Its success could serve as a blueprint for similar initiatives in conflict-prone areas, demonstrating the viability of renewable energy solutions even in challenging environments.