Table of Contents
Key Points
- Patrice Motsepe-backed Tyme Group raises $250 million, boosting its valuation to $1.5 billion and cementing its position among Africa’s unicorns.
- Nu Holdings leads the round with $150 million, signaling confidence in Tyme’s growth as it eyes IPO by 2028 and expansion into Vietnam, Indonesia.
- Tyme Group, operating in South Africa and the Philippines, serves 15 million customers globally, leveraging its profitable “phygital” model to drive fintech inclusion.
Africa’s first Black billionaire, Patrice Motsepe, is advancing his fintech ambitions through Tyme Group, a fast-growing digital lender where he holds a significant stake. Tyme Group has raised $250 million in its latest funding round, boosting its valuation to $1.5 billion and positioning it among Africa’s few unicorns.
The round was led by Brazil-based Nu Holdings Ltd., Latin America’s most valuable financial company, which invested $150 million for a 10 percent stake. Nu Holdings, the owner of Nubank—the world’s largest standalone digital bank with over 110 million customers—underscored its confidence in Tyme Group’s growth trajectory.
“It is a unique vote of confidence in our business by the world leaders in our industry, essentially,” said Coenraad Jonker, Tyme Group’s CEO and co-founder. He noted this round is likely the company’s last before it prepares for an initial public offering (IPO) by the end of 2028.
The fundraising also attracted $50 million from M&G’s Catalyst Fund, alongside additional investments totaling $50 million from existing backers, including Tencent Holdings Ltd., Gokongwei Group, and venture capital firm Norrsken22.
Tyme Group eyes Vietnam, Indonesia expansion
Motsepe’s African Rainbow Capital Investments remains the top shareholder in Tyme Group with a 40 percent stake, reinforcing its status as South Africa’s only Black-owned and Black-controlled commercial bank. The lender operates under the TymeBank brand in South Africa, where it has amassed over 10 million customers since its 2019 launch.
In the Philippines, Tyme Group operates GoTymeBank, a joint venture with Gokongwei Group. The combined operations now serve over 15 million customers globally, leveraging its “phygital” model—a hybrid of digital banking and physical service points through partnerships with retail outlets.
Since achieving profitability in Dec. 2023, Tyme Group has maintained strong momentum, with annualized gross revenue reaching $175 million and net operating income at $110 million.
To strengthen its position in the Philippines, GoTymeBank recently acquired Savii, a salary-based lender, to diversify product offerings and accelerate profitability. The move underscores Tyme Group’s broader strategy to deepen its footprint in emerging markets.
The fresh capital injection brings Tyme Group’s total funding to $600 million. It plans to expand further into Vietnam and Indonesia in 2025, capitalizing on renewed investor interest in fintech.
Tyme Group boosts fintech inclusion efforts
Tyme Group’s funding milestone aligns with a recovery in global fintech investment, which had slowed due to rising interest rates.
It joins Nigerian fintech Moniepoint as one of Africa’s standout unicorns this year. In October, Moniepoint, led by Nigerian entrepreneur Tosin Eniolorunda, raised $110 million in a Series-C round, with participation from Google.
Motsepe’s backing of Tyme Group reflects a broader push for innovation-driven financial inclusion across Africa and beyond. As Tyme scales operations and advances toward its IPO, the digital lender is poised to play a critical role in reshaping financial services in emerging markets.
