South African digital banking platform TymeBank has raised $77.8 million in a pre-Series C round led by African-focused growth-stage fund Norrsken22 and Swiss global impact investment firm Blue Earth Capital. TymeBank expects to close its Series C round later this year, it said in a statement.
Tencent, the lead investor in the fintech’s $70 million Series B extension raise in December 2021, participated in this pre-Series C round and increased its stake to become TymeBank’s third-largest shareholder. TymeBank is majority owned by Patrice Motsepe’s African Rainbow Capital (ARC); the South African fintech is backed by other investors, including the British International Investment (BII), Apis Growth Fund II, JG Summit Holdings (JG Summit), African Fig Tree (AFT) and the Ethos AI Fund.
TymeBank isn’t indigenously South African, though. It is a member of the Tyme Group of companies headquartered in Singapore. The holding company, Tyme, focuses on designing, building and operating digital…
