A US$109M investment from investors based in the UK and the Philippines has been announced by South African digital bank TymeBank. The funds will be used to boost its growth and enable commercial expansion.
Moreover, this investment will come in two stages. So far, TymeBank has already received US$34M, while it will receive US$75M in the next 12 to 15 months.
Also, Asian markets are now more open to digital banking services, fueling the digital connectivity boom and the involvement of technology companies in providing low-cost financing services.
In order to extend into Singapore, TymeBank will partner with JG Summit. Likewise, one of the Philippines’ biggest conglomerates is JG Summit.
Over its two years of service, TymeBank has so far attracted over 2.8 million customers across South Africa.