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(Ecofin Agency) – TymeBank, a South Africa-based digital retail bank has secured a $110 million Series B investment from private equity fund Apis Growth Fund II and JG Summit Holdings, a renowned conglomerate in the Philippines. This investment is one of the largest foreign investments any fintech company has secured in South Africa.
“The establishments of digital banks in South Africa is in its infancy. Growth in this particular segment of financial services is only possible with investments from partners who understand and support the growth trajectory of digital banks,” said Tauriq Keraan, the CEO of TymeBank.
Both Apis Growth Fund II and JG Summit Holdings are experienced in financial services in emerging markets; Apis being a private equity asset manager that supports growth-stage financial services and financial infrastructure businesses.
The investment will also help the company expand its range of banking products and grow its lending portfolio. TymeBank seeks to enhance its propositions in insurance and credit cards to its customers.
The advent of the pandemic has led to increased demand for digital banking options across all revenue categories from customers around the world. To address these recent challenges, TymeBank has partnered with banks such as India-based Zolves and Brazil-based Nubank.
Solange Lum Che
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