Tyme Group, the Singapore-headquartered digital banking group with a major stake in GoTyme Bank, achieved unicorn status after securing a $250-million investment round led by Brazilian digital banking giant Nubank (Nu).
Nu, a New York Stock Exchange-listed company with 110 million customers and a market capitalization exceeding $57 billion, led Tyme Group’s Series D funding round.
GoTyme Bank, the Philippines’ fastest-growing bank, recently ranked first in customer experience according to independent surveys by the Singapore Economic Development Board and Forrester. The partnership with Nu brings additional resources and expertise, positioning GoTyme for further growth.
“We’re thrilled to partner with Nubank, a global leader in digital banking. This collaboration will undoubtedly propel GoTyme Bank in the Philippines and accelerate Tyme Group’s growth and expansion across multiple markets,” said Lance Gokongwei, JG Summit president and chief executive.
The investment will benefit both GoTyme Bank in the Philippines and TymeBank in South Africa by providing not only capital for growth but also expertise in lending solutions and creating impactful products.
With the completion of the funding round, Tyme Group reached a post-money valuation of $1.5 billion, officially becoming a unicorn.
The oversubscribed Series D round was led by Nu’s $150 million investment, with M&G’s Catalyst Fund contributing $50 million. Existing shareholders, including the Gokongwei Group, Tencent, British International Investment (BII), Norrsken 22, Blue Earth, Lavender Hill, Ethos Fund, and Africa Fig Tree (Founders and Employees), invested an additional $50 million.
The partnership signifies a vote of confidence from Nubank, considered the world’s most successful digital bank.
David Vélez, Nubank’s founder and chief executive, explained the investment rationale.
“Since Nubank’s inception, we’ve believed the future of global financial services lies with digitally native companies. After meeting teams across various regions, we believe Tyme Group is excellently positioned to be a leading digital bank in Africa and Southeast Asia. We’re excited to collaborate with Tyme and share our learnings on scaling this model to reach hundreds of millions of customers,” he said.
Coen Jonker, Tyme Group’s founder and chief executive said Nubank revolutionized financial services. “Having them as a shareholder, with their financial resources and guidance, will accelerate the development of our strategic capabilities, execution, and expansion plans in Southeast Asia. This is a pivotal moment for Tyme Group,” Jonker said.
