South Africa's Digital Bank Tyme concludes series-B round with an additional capital increase of $ 70 million-fintech

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Tymenbank, a digital bank based in South Africa, recently completed its Financing round of Series B with $ 70 million that Tencent and the British development financier CDC Group invested in the company.

means to support the expansion of Tyme into new markets

Tymenbank, a digital bank from South Africa, recently collected a further $ 70 million from its latest round of financing under the direction of Tencent and the development financing group CDC Group based in Great Britain.

This recent capital increase increases the value of the agents that Tymebank has acquired via series B, to $ 180 million. Before this most recent investment, Tmebank received $ 110 million from APIS Growth Fund II and Gokongweis JG Summit Holdings.

meanwhile, after the capital increase, a Test report by News24 indicates that Digitalbank will use the new money to finance its domestic expansion and to facilitate entry into other markets.

"The capital and expertise of the two investors are also used to improve Tymes ability to use risk management and to support Tymes expansion to markets in which CDC is present," said the bank.

The report adds that the TymaBank will also use part of the collected funds to support GotyMen in the Philippines, where it has secured a digital banking license with the Gokongwei Group.

Coen Jonker, co-founder of Tyme, praised the bank's ability to attract investors: "This is a very welcome investment by Tencent and CDC. It is a clear proof of trust in our digital banking offer as well as our management teams in South Africa, Singapore and in the Philippines."

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and author in Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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