South Africa’s First Black-Owned Bank Becomes A Unicorn With $1.5B Valuation
South Africa’s digital lender Tyme Group has raised $250 million in a Series D funding round, pushing its valuation to $1.5 billion and securing its place as Africa’s ninth unicorn.
Nu Holdings Backs Tyme’s Global Ambitions
The round was led by Nu Holdings, Latin America’s largest fintech company.
Nu Holdings, the parent company of Nubank, invested $150 million for a 10% stake, marking its first major bet outside of Latin America.
M&G Catalyst Fund contributed an additional $50 million, while existing investors, including Tencent and Gokongwei Group, also participated.
Tyme’s Growth And Future Plans
Founded in 2019, Tyme Group operates a hybrid model of online and physical banking across South Africa, the Philippines, and soon Indonesia.
The company serves 15 million customers, having extended over $600 million in financing to small businesses.
Its South African branch, TymeBank, announced plans to expand into Indonesia by 2024, further cementing its presence in emerging markets.
Looking ahead, Tyme Group aims to go public by 2028.
Tyme’s status as South Africa’s only Black-owned and Black-controlled commercial bank remains intact, with African Rainbow Capital retaining a 40% stake in the business.
