Tyme Group Secures Two New International Investors

Tyme Group Secures Two New International Investors. Tyme Group has announced that it has successfully secured two new international investors; and this comes as TymeBank celebrates its 7 million customer milestone this month!

With an acquisition rate of 200,000 customers per month, TymeBank is one of the fastest growing digital banks worldwide. TymeBank’s hybrid model of digital banking and physical service has made banking accessible to South Africans across the economic spectrum and continues to make a real difference in the lives of consumers with its low-cost banking offering, high levels of customer satisfaction, and the successful introduction of several innovative products and services.

David Moore, principal of funds and co-investments, BlueEarth, says: “We invested in Tyme Group thanks to our long-standing partnership with Apis Partners, who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion. Blue Earth is excited about backing Tyme’s innovative, retail partnership model, which enables affordable access to first-class banking products to all consumers, including those most vulnerable or living in remote locations.”

Natalie Kolbe, managing partner at Norrsken22, adds: “We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analysed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups. The exceptional management team have already built one of the largest challenger banks in the world, and we are looking forward to being part of the next phase of their journey.”

TymeBank’s majority shareholder is African Rainbow Capital, a fully black-owned and controlled investment company, making TymeBank the first majority black-owned retail bank in South Africa. It believes that every South African has the right to accessible and affordable banking so that they can take part in, grow and benefit from the country’s economy.

By Thomas Chiothamisi