Tencent and CDC add $70mln to Tyme’s Series B

Image Credit: TymeBank

South African digital banking group Tyme has secured $70 million in investment from CDC Group and Tencent to close out its significant Series B round. In February this year, the banking group raised $110 million from Apis Partners and  JG Summit Holdings, a Philippines conglomerate owned by the Gokongwei family, as the initial step in its $180 million r0und. Africa Rainbow Capital remains the banking group’s majority shareholder.

The fresh capital from its Series B is being used TymeBank to expand its business in South Africa as well as launch its services in overseas markets. The Bank aims to grow its loan portfolio as well as expand its range of banking products, enhancing its propositions in insurance, credit cards, and other value-added services for its customers.

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