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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/05\/23\/south-african-challenger-bank-tymebank-raises-77-8m-from-norrsken22-and-blue-earth-capital\/<\/a><\/br> South African digital banking platform TymeBank<\/span><\/a> 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.<\/span><\/p>\n Tencent, the lead investor in the fintech\u2019s $70 million Series B extension raise<\/a> in December 2021, participated in this pre-Series C round and increased its stake to become TymeBank\u2019s third-largest shareholder. TymeBank is majority owned by Patrice Motsepe\u2019s 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. <\/span><\/p>\n TymeBank isn\u2019t 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 banks for emerging markets. Tyme\u2019s brand in South Africa is TymeBank \u2014 and GoTyme in the Philippines, its first market in Asia, which the fintech launched last October in partnership with the Gokongwei Group<\/span>.<\/p>\n Launched in February 2019, TymeBank employs a hybrid digital banking and physical service operations model. It offers a<\/span> transactional bank account with zero or low monthly fees and a savings product to its customers, most of whom are onboarded via physical locations, including national retailers Pick n Pay and Boxer, top fashion retailer The Foschini Group (TFG)<\/span> and one of the largest churches in South Africa, the Zion Christian Church. The challenger bank has also seen many accounts opened online and a shift from cash deposits to electronic transfers. Some of its competitors include Bank Zero and Lula<\/a>.<\/p>\n
\nSouth African challenger bank TymeBank raises $77.8M from Norrsken22 and Blue Earth Capital<\/br>
\n2023-05-23 22:37:51<\/br><\/p>\n