New Investments
South Africa’s Tyme Group Raises $250 Million in Series D Funding to Become Africa’s Ninth Unicorn
South Africa’s digital banking innovator, Tyme Group, has secured $250 million in a Series D funding round, propelling its valuation to $1.5 billion.
This milestone places Tyme as Africa’s ninth unicorn, following Nigeria’s Moniepoint, which crossed the billion-dollar mark just two months ago.
The company aims to go public by the end of 2028.
The funding round was spearheaded by Nu Holdings, the parent company of Nubank, Latin America’s leading fintech, which acquired a 10% stake for $150 million.
Additional participants included M&G Catalyst Fund and existing investors, signaling a resurgence in investor confidence in Africa after a recent funding slowdown.
As with other African unicorns, the round primarily attracted global investors, highlighting the continent’s ongoing challenges in securing local growth capital.
Tyme’s ascent underscores the fintech sector’s dominance in Africa’s unicorn landscape, with seven out of the nine unicorns hailing from this sector.
Founded in 2019, Tyme Group operates a hybrid model that combines digital and physical banking services, offering checking and savings accounts, debit cards, and buy-now-pay-later options.
The company serves over 15 million customers and has disbursed more than $600 million in financing to small businesses in South Africa and the Philippines.
In August 2024, TymeBank, its South African subsidiary, announced plans to enter the Indonesian market by the end of the year.
This latest funding round brings Tyme’s total investment to approximately $600 million.
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