Nubank Announces Investment in Tyme Group, a Digital Bank With Operations in South Africa and the Philippines
2024年12月17日 - 8:15AM
ビジネスワイヤ（英語）
Nubank leads series D funding round with US$
150M investment; Tyme operates in South Africa and the Philippines
with 15 million customers
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/
press@nubank.com.br - Simone Iwasso, Head of Global
Communications
Rachel.Freeman@tyme.com – Rachel Freeman, Communications
Nu (NYSE:NU)
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