South Africa's TymeBank raises $77.8 million in Series C

South African digital bank TymeBank's 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, according to their statement. With the addition of these two new backers, the group’s shareholders have now raised a combined total of $77.8 million invested.

Another good news from the TymeBank is hitting 7 million customer milestone. TymeBank claims to be recording a revenue run rate of over $100M annually while growing at 300,000 new customers monthly.

Tyme has continually pushed forward the evolution of banking. Tyme was the first bank in South Africa to be operated fully off a cloud-based infrastructure network and now makes it possible to open a fully regulated bank account in less than five minutes, which can be done online or from a TymeBank kiosk. It also takes nine seconds to send money to any cellphone in South Africa using TymeBank’s SendMoney app. It is truly serving consumers’ needs and having entered as a disruptor in the industry, it is now entrenched as the credible alternative to legacy banks in the country.

Natalie Kolbe, the managing partner at Norrsken22:

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 analyzed 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.