Nubank Invests $150 Million in Tyme Group to Fuel Global Growth
In an exciting move that signals the growing influence of digital banks globally, Nubank, the leading Brazilian digital bank, has announced a major investment in Tyme Group, a fast-growing digital bank with millions of customers across South Africa and the Philippines. Nubank has committed $150 million to help fuel Tyme Group’s ambitious expansion into Southeast Asia, with plans to list on global stock exchanges by 2028.
This investment is part of Tyme Group’s Series D funding round, which raised a total of $250 million, with other investors like the M&G Catalyst Fund and existing stakeholders also contributing. Thanks to this new funding, Tyme Group has hit a significant milestone — achieving unicorn status, a term for startups valued at over $1 billion.
Tyme Group’s Road to Unicorn Status
With the new round of funding, Tyme Group’s total valuation has surged to $1.5 billion, marking it as a major player in the digital banking space. The company, originally focused on South Africa, has seen impressive growth with its flagship bank, TymeBank, which has amassed a customer base of 10 million since its launch in 2019.
This investment will help Tyme Group expand its digital banking services to new markets, especially in Southeast Asia, with a focus on countries like Vietnam and Indonesia. These markets represent huge opportunities for digital banking, and Tyme Group is positioning itself as a key player in the region’s future.
Tyme Group’s Expansion Plans: Southeast Asia and Beyond
Tyme Group has already made significant strides in the Philippines, where it launched GoTyme in partnership with the Gokongwei Group in October 2022. Now, the company is looking to expand into Vietnam and Indonesia, two of Southeast Asia’s fastest-growing markets. The goal is to tap into the rising demand for digital financial services in these regions, where traditional banking services are often limited, and digital innovation is booming.
According to Karl Westvig, CEO of TymeBank in South Africa, the new funding will support their ambitious goal to become one of the top three retail banks in South Africa within the next three years. With Nubank’s involvement, Tyme Group aims to increase its credibility and visibility on the global stage.
Nubank’s Role in Tyme Group’s Journey
Nubank, which has revolutionized banking in Brazil, is now positioning itself as a key partner for Tyme Group’s global journey. As a fintech leader in Latin America, Nubank brings its expertise in digital banking and growth strategies to the table. The $150 million investment also boosts Tyme Group’s market profile, providing additional credibility in the competitive digital banking space.
Coen Jonker, co-founder and CEO of Tyme Group, mentioned that the partnership with Nubank will help propel Tyme Group’s mission to become a top bank in its home markets and expand further across the globe. The global network of investors, which includes major players like GIC and Berkshire Hathaway, also strengthens the company’s push towards listing on the New York Stock Exchange (NYSE) by 2028.
The Power of Digital Banking in Emerging Markets
The digital banking sector has been booming in emerging markets, with countries in Africa and Southeast Asia driving the demand for innovative, accessible financial services. Banks like TymeBank and GoTyme are well-positioned to serve these markets, where many people are unbanked or underbanked.
In South Africa, TymeBank has already become one of the fastest-growing digital banks, thanks to its low-cost, mobile-first model. It offers fee-free banking services to millions of customers who have traditionally struggled with high banking fees or limited access to financial institutions.
By expanding into Southeast Asia, Tyme Group aims to tap into the huge market of unbanked individuals, particularly in Vietnam and Indonesia, where access to banking remains limited in many areas. GoTyme, launched in the Philippines, is one of the early digital banks offering mobile banking services, reaching millions in a country with a rapidly growing tech-savvy population.
The Impact of SoftBank’s Investment and Other Stakeholders
This new funding round sees a diverse group of investors backing Tyme Group’s ambitions. M&G Catalyst Fund contributed $50 million, along with existing shareholders, providing an additional $50 million. These investments, coupled with Nubank’s $150 million, demonstrate the growing confidence in digital banking’s potential, particularly in emerging markets.
Tyme Group has also benefited from the backing of major players like Tencent, a Chinese tech giant, which has been a significant investor in the company. This partnership is crucial for Tyme Group as it looks to tap into both the Asian and African markets, leveraging Tencent’s deep knowledge of digital ecosystems and fintech.
A Glimpse Into Tyme Group’s Future
With this funding, Tyme Group is now looking to accelerate its growth and meet its target of becoming one of the top three retail banks in South Africa. The company has also set its sights on further expansion into Southeast Asia, focusing on Vietnam and Indonesia, where digital banking adoption is expected to rise in the coming years.
By 2028, Tyme Group plans to list on major stock exchanges, including the New York Stock Exchange, and possibly the Johannesburg Stock Exchange as well. This ambitious goal comes with the backing of key investors and a strong partnership with Nubank, which will likely play a pivotal role in their journey toward global expansion.
What This Means for Digital Banking
Tyme Group’s rise to unicorn status and its upcoming expansion are proof that digital banks are not just a passing trend—they are the future of banking. With a growing number of unbanked people in regions like Africa and Southeast Asia, digital-first banks like TymeBank and GoTyme are filling a critical gap, offering low-cost, mobile-friendly banking solutions.
This partnership between Nubank and Tyme Group could also signal the beginning of more global collaborations in the digital banking space. As fintech giants like Nubank continue to grow and expand, they’re likely to invest in more emerging digital banks, paving the way for a revolution in how people access financial services across the world.
Conclusion: Tyme Group’s Future Is Bright
With $250 million in new funding and a valuation of $1.5 billion, Tyme Group is ready to scale its operations in South Africa, the Philippines, and Southeast Asia. Thanks to major investors like Nubank, Tencent, and others, the company is well-positioned for a successful IPO by 2028, with ambitious goals of becoming one of the top banks in its home markets.
For Nubank, this investment represents an exciting opportunity to expand its influence beyond Latin America and solidify its position in the global digital banking market. As digital banking continues to evolve, partnerships like these are sure to play a critical role in shaping the future of financial services across the world.
I am Aparna Sahu
Investment Specialist and Financial Writer
With 2 years of experience in the financial sector, Aparna brings a wealth of knowledge and insight to Investor Welcome. As an accomplished author and investment specialist, Aparna has a passion for demystifying complex financial concepts and empowering investors with actionable strategies. She has been featured in relevant publications, if any, and is dedicated to providing clear, evidence-based analysis that helps clients make informed investment decisions. Aparna holds a relevant degree or certification and is committed to staying ahead of market trends to deliver the most up-to-date advice.