Tyme Group's value shoots to unicorn status with multi-billion rand funding boost
Tyme Group has raised around R4.4 billion in its latest capital raise, led by financial services giant Nubank.
Stephen Grootes interviews Karl Westvig, CEO of TymeBank SA.
Tyme Group has announced it's raised around R4.4 billion ($250 million) in its latest capital raise.
The digital lender, controlled by Patrice Motsepe's African Rainbow Capital (ARC), is now worth an estimated 26.7 billion ($1.5 billion).
This means the Group becomes the latest unicorn on the African continent - a company that has a value of over $1 billion without being listed on a stock exchange.
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The series D capital raise was led by Nubank ($150 million), one of the world's largest financial services platforms.
Tyme Group is headquartered in Singapore with 15 million customers in Africa and South-East Asia.
Nokukhanya Mntambo interviews Karl Westvig, CEO of TymeBank SA, and asks what this development means for the Group.
He says the 'monumental' Nubank investment has been a year in the making.
"Nubank is probably the most successful digital bank in the world and are listed on the New York stock exchange, have 110 million customers largely Latin America-based, but they are incredible at building and executing digital banks."
"They're investing $150m in this round as the lead investor and, along with that, we have a relationship where they can act in an advisory capacity, so they're going to help us in terms of having world-class lending products and customer experience."
Karl Westvig, CEO - TymeBank SA
Among their many milestones, Westvig highlights reaching profitability and a customer base of 10 million in South Africa, along with reaching 5 million clients in the Philippines as a second bank.
He says the latest $250 million injection will be largely used to expand their footprint in Asia.
"That includes getting the Phillipines to profitability, getting Vietnam established - we have a lending business already but need to get a bank out there - and to do lending and build a bank in Indonesia..."
"...and then any capital we need for future capital growth for South Africa."
Karl Westvig, CEO - TymeBank SA
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