SÃO PAULO–(BUSINESS WIRE)–Dec 16, 2024–
Nubank, one of the world’s largest digital financial services platforms, announces today an investment of US$150 million in Tyme Group as the lead of their series D funding round. The total investment round amounted to US$250 million, with M&G Catalyst Fund subscribing for US$50 million and existing shareholders with further US$50 million. Tyme Group is one of the fastest-growing digital banks globally, with 15 million customers and operations in South Africa and the Philippines. With this investment, Nubank becomes a minority shareholder in Tyme Group.
“Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and South East Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,” says David Vélez, founder and CEO of Nubank.
Founded in 2019 in South Africa, Tyme Group operates under a hybrid model that combines a customer-centric digital platform with physical experiences, delivered in partnership with nationwide retailers through digital kiosks and bank ambassadors. With the objective of offering an affordable banking solution and maintaining a lower cost structure than traditional banks, Tyme Group has reached more than 15 million customers. The bank specializes in emerging markets populations and, besides South Africa and the Philippines, it has a Global Headquarters in Singapore and a development hub in Vietnam, where it plans to open its next operation.
“Nubank revolutionized financial services and having them as a shareholder will help build rapport to our model, execution and expansion plans, both financially and through business counsel. We are focused on improving the financial lives of millions of people in our region, and we are energized by this round of investments to keep pushing forward,” said Coen Jonker, Chairman and co-Founder of Tyme.
About Nu
Nu is one of the world’s largest digital financial services platforms, serving 110 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers’ complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu’s impact has been recognized in multiple awards, including Time 100 Companies, Fast Company’s Most Innovative Companies, and Forbes World’s Best Banks.
For more information, please visit https://international.nubank.com.br/about/.
About Tyme
Tyme Group is a multi-country digital banking group, focused on serving consumers and SMEs in emerging markets. Headquartered in Singapore, with a technology and product development hub in Vietnam, Tyme designs, builds, and operates digital banks for the mass market, providing access to affordable, quality financial services for consumers and small businesses across the economic spectrum. Tyme recognises the unique challenges of banking in emerging markets, and leverages technology innovatively, through a high tech-high touch approach, to meet the needs of its emerging mass market customers. Tyme launched TymeBank in South Africa in 2019, and launched its second digital bank, GoTyme Bank, in the Philippines, in partnership with the Gokongwei Group, in October 2022.
Across the Group, Tyme now serves more than 15 million customers.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241216641095/en/
[email protected] Simone Iwasso, Head of Global [email protected]– Rachel Freeman, Communications
KEYWORD: NEW YORK UNITED STATES AFRICA BRAZIL SOUTHEAST ASIA PHILIPPINES LATIN AMERICA SOUTH AMERICA NORTH AMERICA ASIA PACIFIC SOUTH AFRICA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Nubank
Copyright Business Wire 2024.
PUB: 12/16/2024 06:15 PM/DISC: 12/16/2024 06:17 PM
http://www.businesswire.com/news/home/20241216641095/en
