Singapore-based digital banking network Tyme secured $110m in a series B round featuring conglomerate JG Summit Holdings and investment manager Apis Partners’ Growth Fund II, e27 reported today.
Tyme is building a digital banking network tailored for emerging markets, and operates as part of South Africa-headquartered digital retail bank TymeBank.
The company intends to use the funding to develop a digital banking operation in JG Summit’s home country, the Philippines, and the companies will work together to try and secure a digital banking licence.
JG Summit’s president and chief executive, Lance Gokongwei, said: “We see digital banking as the next growth area globally and increasingly in [Association of Southeast Asian Nations countries].
“The investment not only propels the Gokongwei Group to accelerate its foray into disruptive digital plays but also allows us to learn more about TymeBank’s experiences that provide a good impetus for us in considering to apply their technology and success in the Philippines.”
TymeBank had raised $13.4m from African Rainbow Capital (ARC) and Ethos Private Equity’s Ethos Artificial Intelligence Fund in June 2019 and a further $45m from ARC in the year ending June 2020, after which ARC owned a 70% stake in the company.
