South African digital banking platform TymeBank has raised $77.8 million in a pre-Series C funding round led by Norrsken22 and Blue Earth Capital. Tencent, the lead investor in TymeBank's previous funding round, also participated and increased its stake in the company. TymeBank, majority-owned by African Rainbow Capital, offers transactional bank accounts and savings products. It has reached 7 million customers in South Africa and plans to use the funding to expand operations in South Africa, the Philippines, and Southeast Asia. TymeBank's revenue run rate exceeds $100 million annually, and it is experiencing rapid customer growth. The company is part of the Tyme Group and aims to provide digital banking services in emerging markets.
Read more on TechCrunch