Press Release

Tyme secures new international investors in latest capital raise, with more to come

South African flagship, TymeBank, reaches 7 million customers

22 May 2023

Tyme, one of the fastest growing digital banking groups globally, has successfully secured two new international investors as part of its Pre-Series C capital raise. TymeBank, Tyme’s flagship digital bank, now serves over 7 million customers in South Africa.

Along with the two new shareholders - Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capital ("BlueEarth"), an independent global impact investment firm – Tyme’s shareholders have invested a total of USD77.8 million. The funds being raised are intended to further expand its operations in South Africa and the Philippines, future expansion in Southeast Asia, and a partial share buyback at a higher valuation than the previous capital raise.

David Moore, Principal of Funds and Co-Investments at BlueEarth, stated: “We invested in Tyme Group thanks to our long-standing partnership with Apis Partners who look to build on their mission to generate attractive commercial returns alongside key priorities of reduced inequalities and greater financial inclusion. BlueEarth is excited about backing Tyme’s innovative retail partnership model which enables affordable access to first-class banking products for all consumers, including those most vulnerable or living in remote locations.”

Commenting on their investment, Natalie Kolbe, Managing Partner at Norrsken22, said: "We are delighted to invest in Tyme. The company offers a unique product with huge customer appeal, which has led to fast and sustained growth. We have analysed a lot of fintechs from across the continent, and Tyme set itself apart with its impressive growth, its differentiated product, and its unique ability to reach and serve new customer groups. The exceptional management team have already built one of the largest challenger banks in the world, and we are looking forward to being part of the next phase of their journey."

Coen Jonker, Co-founder and Chairman of Tyme, commented: “We are delighted to welcome Norrsken22 and Blue Earth Capital to the group of high-calibre investors who have bought into Tyme’s growth story, and its mission to democratise financial services.”

Work continues with interested investors, with Series C expected to close later in the year.

African Rainbow Capital (ARC) remains Tyme’s majority shareholder. Dr Patrice Motsepe, Founder and Chairman of ARC, said: “We remain excited and committed to further creating value in building a global digital banking portfolio with our fellow shareholders and partners and we welcome the new investors who have participated in this raise.”

An attractive investment proposition

Tyme has a revenue run rate of over $100m per annum. Tyme’s banking operations across South African and the Philippines are growing at a pace of onboarding more than 300,000 new customers a month, providing high quality, affordable banking services to its customers, with exceptional customer experience.

TymeBank now serves over 7 million customers since its launch in February 2019. The bank registers 25 million transactions per month with more than 70% 30-day account activity rate. TymeBank’s exponential growth in customer numbers is testament how the bank is truly addressing consumers’ needs. Having entered as a disruptor in the industry, it is now entrenched as the credible alternative to legacy banks in the country.

TymeBank’s hybrid model of digital banking and physical service has made banking accessible to South Africans across the economic spectrum. In 2022, TymeBank acquired award-winning merchant lending fintech, Retail Capital, which has already provided more than 50 000 business owners in South Africa with over R5.5 billion in working capital, making it the largest SME funder of its kind in the sector.

GoTyme in the Philippines launched in October 2022, in partnership with the Gokongwei Group. The digital bank was modelled on South Africa’s TymeBank, through Tyme’s multi-country digital banking model, and has further democratised financial services as it offers Filipino consumers quality, affordable and accessible financial service solutions.

The group’s global footprint includes a product development and engineering hub in Ho Chi Minh City, Vietnam, which employs a team of over three hundred highly skilled technology engineers. Tyme’s global headquarters in Singapore leads its strategy, business development, data, analytics and Artificial Intelligence (AI) functions.

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About Tyme

Tyme is a multi-country digital banking group, focused on bridging the digital divide in emerging markets, by integrating into physical retail ecosystems. With its global headquarters in Singapore and main development hub TymeX in Vietnam, Tyme designs, builds, and commercializes digital banks for the mass market, with a particular expertise in serving under-served and under-banked populations. Tyme recognizes the unique challenges of digital banking in emerging markets and builds financial education, a high tech – human touch approach, and efficient cash management solutions to meet the needs of the emerging mass market in these countries.

For more information, please visit

About African Rainbow Capital

African Rainbow Capital (ARC) is a black-owned and controlled investment holding company focusing on the South African financial services industry and businesses that deliver superior returns on equity. ARC is also focused on investment opportunities in select markets elsewhere on the African continent. ARC’s objective is to be a leading financial services investor, covering the full spectrum of financial service needs, such as life insurance, healthcare, asset management, general financial services, short-term insurance, property and banking. This is achieved through building strategic partnerships, both in South Africa and further afield, by obtaining equity stakes in product providers. The company is 100% owned by Ubuntu-Botho Investments, which was founded by Dr Patrice Motsepe in 2004. Ubuntu-Botho Investments became Sanlam’s anchor empowerment partner in 2004. In addition, Ubuntu-Botho Investments has the objective of contributing to the improvement of the livelihoods of poor, unemployed and marginalised South Africans.

For more information, please visit

About Norrsken22

Norrsken22 is a tech growth fund, backed by an international network of tech founders, partnering with exceptional entrepreneurs in scaling disruptive businesses. The fund provides growth capital and deep strategic value to founders in Africa, while positioning them for international expansion and impact. Norrsken22 believes every investment is a partnership and value-creation goes far beyond just capital.

For more information, please visit

About Blue Earth Capital

Blue Earth Capital is a global, independent, specialist impact investor, headquartered in Switzerland, with operations in New York, London, and Konstanz. Blue Earth Capital seeks to address the world’s most pressing social and environmental challenges by delivering measurable impact alongside aiming for attractive and sustainable financial returns. The company offers dedicated private equity, private debt, and fund solutions. Blue Earth Capital is owned by the Blue Earth Foundation, a charity registered in Switzerland that focuses on deep impact to support initiatives and business ventures to drive the transition to an inclusive and net-zero society.

For more information, please visit