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South Africa’s digital bank Tyme closes Series B round with additional capital increase of $ 70 million – Fintech

Tymebank, a South Africa-based digital bank, recently closed its Series B funding round of $ 70 million from Tencent and UK development financier CDC Group.

Funds to support Tyme’s expansion into new markets

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

This latest capital increase brings the value of funds Tymebank acquired through the Series B to $ 180 million. Prior to this latest investment, Tymebank had received $ 110 million from Apis Growth Fund II and Gokongweis JG Summit Holdings.

Meanwhile, after the capital increase, a report by News24 says the digital bank will use the new money to fund its domestic expansion and to facilitate entry into other markets.

“The capital and expertise of the two investors will also be used to improve Thyme’s risk management ability and support Thyme’s expansion into markets where CDC is present,” the bank said.

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

Coen Jonker, co-founder of Tyme, praised the bank’s ability to attract investors: “This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering and in our management teams in South Africa, Singapore and the Philippines. “

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Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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