Nubank invests $150M in Tyme Group, eyes PH, SEA expansion

Nubank, a NYSE-listed digital bank with 110 million customers, led Tyme Group's $250 million Series D capital raise with a $150 million investment, acquiring a 10% stake and valuing the company at $1.5 billion post-money, thus achieving unicorn status.

The investment round, which also included contributions from M&G's Catalyst Fund and existing shareholders like the Gokongwei Group, Tencent, and British International Investment, aims to fuel Tyme Group's expansion in Africa and Southeast Asia.

This capital infusion will benefit GoTyme Bank in the Philippines and TymeBank in South Africa by providing capital for growth and expertise in lending solutions and product creation.

GoTyme Bank CEO Nate Clarke stated that the partnership with Nubank will accelerate their path to becoming the largest and most loved retail bank in the Philippines.

Nubank founder and CEO David Vélez expressed confidence in Tyme Group's position to be a digital bank leader in Africa and Southeast Asia, noting their shared belief in the future of digitally native financial services.

Launched in October 2022, GoTyme Bank has become the fastest-growing bank in the Philippines and is expected to achieve profitability.