South Africa-based TymeBank has aimed for a USD 150 million Series D funding round as it looks to solidify its position in Africa’s digital banking landscape. TymeBank’s current valuation approaches the USD 1 billion mark.

The company targets completion of the Series D by Q4 2024 to claim unicorn status. This round, nearly twice compared to 2023’s USD 77.8 million raise, would show robust investor confidence and support the bank’s ambitious growth strategy. TymeBank also plans to list the venture on the New York Stock Exchange by 2028, with a secondary listing on the Johannesburg Stock Exchange, emphasising the bank’s commitment to both global recognition and its South African roots.

How will the funds be used? Funds from the raise will fuel expansion into new markets, particularly Indonesia, by the end of 2024, following successful entries into Vietnam and the Philippines, where profitability is expected by mid 2025. Looking ahead, the business aims to expand its mission of providing accessible banking services, to which shareholders express optimism. Backed by USD 300 million from investors like Tencent, British International Investment, and Apis Growth Fund II, the business is well-positioned for even more growth.

TymeBank’s growth journey In December 2023, TymeBank became profitable. The milestone can be attributed to its blend of digital channels, in-store kiosks, and partnerships with major retailers— which facilitated the monthly acquisition of 150,000 new customers. The bank’s lending portfolio saw a 30% year-on-year growth, supported by products like Merchant Cash Advance, benefiting over 50,000 SMEs and contributing to economic development.

Reportedly, it is now South Africa’s fastest-growing bank. Link-ups with giants like Pick n Pay, Boxer, The Foschini Group, and the Zion Christian Church have driven the said growth. With over 8.5 million customers, 1,000 kiosks, and 15,000 retail points across the country, these partnerships did solidly for accessibility and increased customer loyalty.

Its offerings, including affordable banking services, an 11% fixed deposit savings rate, and interest-free Grant Advance for social grant recipients, differentiate it in the market. Collaborations like healthcare insurance with the National Healthcare Group further cater to diverse customer needs. .