South African digital bank Tyme has secured $77.8 million in pre-Series C investment from Norrsken22 and Blue Earth Capital.
The company is celebrating reaching the milestone of 7 million customers as this funding is announced.
A fully regulated bank account may now be opened with Tyme in less than five minutes, either online or at a TymeBank kiosk.
Tyme was the first bank in South Africa to run entirely off of a cloud-based infrastructure network.
Using TymeBank’s SendMoney app, money may be sent in nine seconds to any South African telephone.
Tyme’s co-founder and CEO, Coen Jonker, said: “We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-caliber investors who have bought into Tyme’s growth story and its mission to democratize financial services by lowering cost and other barriers to access.”
Working with potential investors, Series C is anticipated to close later this year.
Tyme closed its Series B funding round in December of 2021. The capital offering, led by existing shareholders, raised $180 million in total.
The majority shareholder African Rainbow Capital (ARC) continues to own Tyme.
Tyme generates over $100 million in income annually.
Since its launch in February 2019, TymeBank has served over 7 million users, with an ongoing customer acquisition rate of 200,000 per month and a 30-day account activity rate of 70%.
The funds that are being raised will be used to expand operations in Southeast Asia as well as in South Africa and the Philippines.