📰 Nubank Invests $150M in Tyme Group
Nubank's investment will help Tyme expand in digital banking services across South Africa and the Philippines.
Nubank NU 0.00%↑ has announced a $150 million investment in Tyme Group, a fast-growing digital bank operating in South Africa and the Philippines. This funding comes as part of Tyme Group's Series D round, which raised a total of $250 million. Nubank’s investment makes it a minority shareholder in Tyme Group, which now serves over 15 million customers across emerging markets.
Founded in 2019, Tyme Group offers a hybrid banking model that combines digital platforms with physical touchpoints, including kiosks and bank ambassadors. This model aims to provide affordable financial services while maintaining lower operational costs than traditional banks. The investment from Nubank will help Tyme expand its offerings and scale its operations in Africa and Southeast Asia.
David Vélez, founder and CEO of Nubank, expressed confidence in Tyme’s potential, citing the company’s ability to lead the digital banking revolution in these regions. Tyme plans to continue expanding its services, with its next focus on operations in Vietnam and other emerging markets.
Source: LatamList, TechAfrica News
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