Tyme Group, the Singapore-based digital banking company with operations in Africa and Southeast Asia, announced it achieved unicorn status after securing $250 million in a Series D funding round. The investment was led by Nubank (Nu), a digital bank listed on the New York Stock Exchange, which contributed $150 million.
Nubank’s involvement lifts Tyme Group’s valuation to $1.5 billion. This investment will also bring its expertise in digital lending and financial solutions to Tyme’s ventures, including GoTyme Bank in the Philippines and TymeBank in South Africa.
“Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally native companies,” said David Vélez, CEO and founder of Nubank. “We think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia.”
Other investors in this oversubscribed round include M&G’s Catalyst Fund, which contributed $50 million, and existing shareholders such as the Gokongwei Group, Tencent, and British International Investment, among others.
“Nubank revolutionized financial services, and having them as a shareholder will help accelerate our strategic capabilities and growth plans in Southeast Asia through their financial investment and counsel,” said Coen Jonker, founder and CEO of Tyme Group.