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Home Africa

South Africa’s digital bank TymeBank raises US$109M, plans Asian market expansion

TechGist Africa by TechGist Africa
February 26, 2021
in Africa, Banking, Finance, Fintech, Investing, South Africa, Startup
Reading Time: 1 min read
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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.

Also read: South African fintech start-up Yoco growing to 120,000 merchants as e-commerce grows

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.


Tech Gist Africa

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Tags: African startupsBankingdigital economydigital moneyFinancefintechMobile MoneySouth AfricaSouth Africa’s digital bank TymeBank raises US$109M plans Asian market expansionStartupsTymeBankюжная-африкаجنوب-أفريقيا南アフリカ南非
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