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African Startup Funding Tracker

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South African Fintech Company TymeBank Raises USD 77.8 M Pre-Series C
South African Fintech Company TymeBank Raises USD 77.8 M Pre-Series C

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. TymeBank expects to close its Series C round later this year. TymeBank intends to use this new capital, which takes its total money raised to over USD 260 M, to further operations in South Africa and the Philippines and for future expansion in Southeast Asia.

Launched in February 2019, TymeBank 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, including national retailers Pick n Pay and Boxer, top fashion retailer The Foschini Group (TFG) and one of the largest churches in South Africa, the Zion Christian Church.