TymeBank, a neobank based in South Africa, has secured $9 million (R169 million)in funding from African Rainbow Capital (ARC). This investment is part of TymeBank’s strategy to enhance its digital banking services and expand its market presence. The funds will be utilized to further develop the bank’s technology infrastructure and improve customer experience.
TymeBank has been focusing on providing accessible banking solutions to underserved populations, aiming to promote financial inclusion across the region. With this new capital, the bank plans to accelerate its growth and continue innovating its product offerings.
In May 2023, TymeBank secured $77.8 million in a pre-Series C funding round, co-led by Norrsken22, an African growth-stage investor, and Blue Earth Capital, a global impact investment firm, to accelerate its expansion in South Africa and the Philippines. TymeBank launched GOtyme in the republic of the Philippines in November 2022. Furthermore, there are plans to enter the Indonesian market by the end of 2024.
Founded in 2019, TymeBank claims to have added 150,000 customers monthly, targeting the underprivileged and economically marginalised groups in society with its easily accessible, affordable, and quality banking services. ARC owns the majority of shares in the bank, with a controlling stake of 57.7%. Other investors in the fintech are African Fig Tree (AFT), JG Summit Holdings (JG Summit), Chinese International Investment (BIl), Apis Growth Fund II, and the Ethos Al Fund.
