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South African digital banking platform TymeBank has raised USD 77.8 M in a pre-Series C round led by African-focused growth-stage fund Norrsken22 and Swiss global impact investment firm Blue Earth Capital. Tencent participated in the pre-Series C round and increased its stake to become TymeBank’s third-largest shareholder.
Tymebank is one of the first digital banks in South Africa to operate fully as a cloud-based infrastructure network. The bank offers services in transactional banking and savings through its MoneyTransfer solutions, GoalSave, and TymeCoach App which gives tips on better money decisions. The fintech employs a hybrid digital banking and physical service operations model. It offers a transactional bank account with zero or low monthly fees and a savings product to its customers, most of whom are onboarded via physical locations.