Tyme Group, the multi-country digital banking group headquartered in Singapore with 15 million customers in Africa and Southeast Asia, has announced that Nubank has joined its shareholder base through a strategic investment during its Series D capital raise. Nubank claims to be one of the world's largest financial services platforms with over 110 million customers.
Having completed its latest investment round, Tyme Group has now firmly achieved unicorn status after securing a total of US$250 million (RM1.1 billion) in funding for a total valuation of US$1.5 billion (RM6.6 billion). Tyme’s oversubscribed Series D capital raise was led by Nubank, which invested US$150 million (RM669 million), with M&G’s Catalyst subscribing for US$50 million. Existing shareholders are investing a further US$50 million (RM223 million). Tyme’s investors include the Founders, African Rainbow Capital, The Ethos AI Fund, Apis Growth Fund II, Tencent, The Gokongwei Group, British International Investment, Norrsken 22, Blue Earth, and Lavender Hill Capital Partners. The Nubank partnership solidifies Tyme's position within digital banking and sets the stage for the latter’s growth in Southeast Asia. This partnership brings significant expertise and resources to Tyme, positioning the company well to expand its market presence. 'Nubank transformed financial services in Brazil. We are excited by the value that Nubank's thought partnership and advice can bring to Tyme, particularly in areas such as data analytics, credit risk management, product development, and marketing—levers we believe are key to achieving leadership in our markets. This is a moment of great significance for Tyme,' said Coen Jonker, co-founder and CEO of Tyme Group. Meanwhile, David Vélez, founder and CEO of Nubank, added: “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companie