South African challenger bank TymeBank raises $77.8M from Norrsken22 and Blue Earth Capital
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.
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