A New Milestone for TymeBank
South African digital challenger TymeBank is setting the stage for significant growth with plans to raise $150 million in a Series D funding round, ahead of an anticipated initial public offering (IPO) in 2028. This strategic move aims to bolster its expansion into new markets and solidify its position as a leading digital bank.
Series D Funding Round
TymeBank’s CEO and co-founder, Coenraad Jonker, announced that the bank is actively pursuing a Series D capital raise at a unicorn valuation, expected to conclude in the fourth quarter. This round is a crucial step in TymeBank's growth strategy, following a January report by Bloomberg that valued the company at $965 million.
The new capital will primarily support TymeBank’s expansion into the Philippine and Vietnamese markets, marking a significant push into Southeast Asia. Additionally, the funds will help scale the bank's operations in preparation for an IPO.
Preparing for an IPO
The Series D funding will add to the $77.8 million secured during a pre-Series C round completed a year ago. This financial boost is part of a broader strategy to ready TymeBank for an IPO, targeted for listing in New York by 2028. A secondary listing on the Johannesburg Stock Exchange is also planned to cater to South African shareholders.
TymeBank's Growth Trajectory
Launched in 2019, TymeBank is owned by African tycoon Patrice Motsepe’s African Rainbow Capital and is part of the Tyme Group. The bank has achieved significant milestones, including serving over nine million customers and becoming the first digital bank in Africa to reach profitability.
CEO Coenraad Jonker emphasized the bank's commitment to its expansion plans and its goal to provide innovative banking solutions across new markets. The strategic funding and future IPO are seen as pivotal in TymeBank’s mission to revolutionize digital banking in emerging markets.
