TymeBank, South Africa’s first Black-owned commercial bank, has reached a remarkable milestone. With a valuation of $1.5 billion, it has officially joined Africa’s elite unicorn club, becoming the continent’s ninth company to achieve this status.
TymeBank Secures $250 Million in Series D Funding
A Series D funding round raised $250 million, driving TymeBank’s rapid ascent. Nu Holdings, Latin America’s largest fintech firm and parent company of Nubank, led the round with a $150 million investment for a 10% stake.
This marks Nu Holdings’ first significant venture outside Latin America. Other notable contributions came from M&G Catalyst Fund, which invested $50 million, and existing investors like Tencent and Gokongwei Group.
Expanding TymeBank’s Global Reach
TymeBank, a hybrid digital and physical banking platform, is making bold moves in global markets. Currently serving 15 million customers across South Africa and the Philippines, the company plans to launch operations in Indonesia by 2024.
“Expanding into emerging markets allows us to empower small businesses and reach underbanked populations,” a company spokesperson stated. TymeBank has already provided over $600 million in financing to small businesses, further solidifying its impact.
A Historic Achievement in South African Banking
TymeBank stands out as South Africa’s only Black-owned and Black-controlled commercial bank. African Rainbow Capital holds a 40% stake, ensuring its commitment to Black economic empowerment.
Founded in 2019, TymeBank has revolutionized South Africa’s financial sector with its customer-first approach. Its hybrid model bridges the gap between traditional and digital banking, creating accessible solutions for millions.
Plans for the Future
Looking ahead, TymeBank has ambitious goals. The company aims to go public by 2028, positioning itself as a major player in global banking.
With its $1.5 billion valuation, TymeBank is not just making waves in Africa but also setting the stage for broader success.
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