Fun

South Africa’s Digital Bank Tyme Completes Series B Round With Additional $70M Capital Raise

News Feed - 2021-12-18 10:12:10

South Africa"s Digital Bank Tyme Completes Series B Round With Additional $70M Capital Raise


Tymebank, a South Africa-based digital bank, recently completed its Series B funding round with $70 million invested in the firm by Tencent and U.K. development financier, CDC Group. Funds to Support Tyme’s Expansion Into New Markets


Tymebank, a digital bank from South Africa, recently raised an additional $70 million from its latest funding round, led by Tencent and the U.K.-based development finance group, the CDC Group.


This latest capital raise brings the value of funds Tymebank has acquired via the Series B to $180 million. Prior to this latest investment, Tymebank had received $110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.


Meanwhile, following the capital raise, a report by News24 states that the digital bank will use the new money to fund its domestic expansion and to facilitate the bank’s entry into other markets.


“The two investor’s capital and expertise will also be used to improve Tyme’s ability to manage risk and support Tyme’s expansion into markets where CDC has a presence,” a statement from the bank explained.



The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has secured a digital bank license in partnership with the Gokongwei Group.


In commending the bank’s ability to attract investors, Coen Jonker, co-founder of Tyme said: “This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines.” Tags in this story Coen Jonker, development finance, digital bank, Gokongwei, tencent, Tymebank


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Ukrainians Offered New Crypto Services, Bitcoin Cards FINTECH | 2 days ago Kenya Based Fintech Kwara Raises $4 Million in Seed Round FINTECH | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePolygon, Reddit Co-Founder’s VC Firm Launch $200 Million Social Media Web3 Fund Next articleCornell Professor of Economics: Defi Promise Is Real but Bitcoin May Not Last Much Longer Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk Launches "Last Trick" NFT Collection to Commemorate Career and Signature Moves


Following the American professional skateboarder Tony Hawk’s first non-fungible token (NFT) sale on the NFT marketplace Autograph, Hawk is commemorating his career with a new series of NFTs called the “Last Trick” collection. The popular skateboarder’s latest digital collectibles showcase ... read more.Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs Snoop Dogg, Deadmau5 and NFTs — The Sandbox Alpha Game Review Value Locked in Defi Continues to Slide, ETH Defi Dominates by 65%, Solana Transactions Reign Canaan Secures Order for 30,000 Bitcoin Mining Rigs From Genesis Digital Assets

News Feed

Jesse Coghlan3 hours agoSam Bankman-Fried wants ‘close friends’ to visit without a security pat downUnder bail conditions, only Sam Bankman-Fried’s lawyers are exempt from security checks, now they’ve asked if th
Report Says Binance Shared Client Data With Russia, Crypto Exchange Denies Allegations
Report Says Binance Shared Client Data With Russia, Crypto Exchange Denies Allegations Cryptocurrency exchange Binance has been accused in a media report of agreeing to provide use
Wall Street must be accountable for Bitcoin mining emissions — Greenpeace
Daniel Ramirez-Escudero1 minute agoWall Street must be accountable for Bitcoin mining emissions — GreenpeaceGreenpeace alleges that Wall Street titans such as BlackRock or Vanguard contribute to the environmental harm
French Luxury Brand Hermes Wins NFT Trademark Infringement Lawsuit
French Luxury Brand Hermes Wins NFT Trademark Infringement Lawsuit French luxury brand Hermes has won a lawsuit against an artist who depicted its famous Birkin bags in a non-fungi
David Attlee9 hours agoObligatory license for stablecoins? What do the latest FSB guidelines meanFSB starts from the definition of “global stablecoin”, which serves as a means of payment and storage and has the poten
Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?
Este artículo también está disponible en español. Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a n
OKEx Blockdream Ventures Partners With WAX
OKEx Blockdream Ventures Partners With WAX sponsored OKEx Blockdream Ventures Bets on the WAX Ecosystem with WAXP Token Purchase (Miami, FL) D
Bittrex Receives Wells Notice From SEC for Alleged Investor-Protection Law Violations
Bittrex Receives Wells Notice From SEC for Alleged Investor-Protection Law Violations According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from
Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals
Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals The defunct crypto lender Celsius is exploring the possibility
Biggest Movers: DOGE Hits 2-Month High, ADA Rallies by 10%
Biggest Movers: DOGE Hits 2-Month High, ADA Rallies by 10% A day after hitting a one-week high, dogecoin raced to a two-month high earlier in today’s session. Wednesday
Tristan Greene3 hours agoAnthropic launches Claude 2 amid continuing AI hullabalooThe new model demonstrates measurable improvements across numerous categories, including near-instant query response times and the ability
Global Equity Head at Jefferies Says the Investment Bank Will Buy Bitcoin and Reduce Exposure to Gold
Global Equity Head at Jefferies Says the Investment Bank Will Buy Bitcoin and Reduce Exposure to Gold Christopher Wood, the global head of equity at Jefferies, a