Nubank invests $150 million in Tyme Group to expand global digital banking reach
This strategic investment makes Nubank a minority shareholder in Tyme, a rapidly growing digital bank with 15 million customers across South Africa and the Philippines.
Nubank, a global leader in digital financial services, has invested $150 million in Tyme Group as the lead in its $250 million Series D funding round. Other contributors include M&G Catalyst Fund and existing shareholders, each committing $50 million. This strategic investment makes Nubank a minority shareholder in Tyme, a rapidly growing digital bank with 15 million customers across South Africa and the Philippines.
Innovative hybrid banking model
Tyme Group, founded in 2019 in South Africa, combines a digital-first platform with physical access points such as kiosks and bank ambassadors. This hybrid model enables Tyme to offer affordable banking solutions with a cost structure significantly lower than traditional banks. Its customer-centric approach has fueled rapid growth, particularly in Africa and Southeast Asia.
Global expansion plans
In addition to operations in South Africa and the Philippines, Tyme’s headquarters in Singapore and development hub in Vietnam underscore its global ambitions. The company is preparing to launch its next operation in Vietnam, furthering its reach in underserved markets.
David Vélez, Nubank’s founder and CEO, praised Tyme’s potential, stating, "We believe digitally-native companies are the future of financial services. Tyme Group is well-positioned to lead in Africa and Southeast Asia, and we’re excited to share our expertise in scaling digital banking models."
Coen Jonker, Chairman and co-founder of Tyme, welcomed Nubank’s support. "This investment enhances our ability to expand and improve financial services for millions of people in our region," he said.
Together, Nubank and Tyme aim to revolutionize banking access and affordability in Africa and beyond.
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