Tyme Group has completed a pre-series C capital raise, a move that saw Blue Earth Capital and Norrsken22 added to its investor roster.
The group has plans to make a further announcement later in the year as part of its series C round.
This recent raise secured a total of USD 77.8mn from the company’s shareholders, which the South African digital bank will use to grow its operations in South Africa and the Philippines–as well as expand its presence in Southeast Asia. The bank also has plans for a partial share buyback.
Tyme has a revenue run rate of over USD 100mn per annum and is growing (in SA, Philippines) at a pace of 300,000 new customers a month. Additionally, the group’s flagship brand, TymeBank, has seven million customers and an acquisition rate of 200,000 customers per month and a 70% 30-day account activity rate.
In the Philippines, the group operates as GoTyme, which is a partnership with the Gokongwei Group.
African Rainbow Capital remains the bank’s majority shareholder.