ARC Investments has announced on Tuesday (7 December) that Tyme, including TymeBank South Africa and Tyme Global, completed its Series B Capital Raise with the introduction of two new shareholders.<\/p>\n
Tyme Global represents the Singapore registered company through which the Tyme Intellectual Property is held and which serves as the vehicle for growth into new markets.<\/p>\n
Capital raised amounts to approximately $70 million and sees Tencent, the international leading internet and technology company based in China, and CDC Group, the UK\u2019s development finance institution, being shareholders.<\/p>\n
The first part of Tyme\u2019s Series B raise concluded earlier in 2021 when it secured $110 million from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and the Gokongwei family\u2019s JG Summit Holdings – taking the combined capital raise to $180 million.<\/p>\n
The investment, ARC said, will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services to TymeBank\u2019s historic mass-market customer base. “The two investors\u2019 capital and expertise will be used to strengthen Tyme\u2019s ability to manage risk and support Tyme\u2019s expansion into emerging markets.”<\/p>\n
TymeBank is majority owned by Dr Patrice Motsepe\u2019s African Rainbow Capital, which remains the majority shareholder post this investment. <\/span><\/p>\n Other shareholders include UK based Apis Growth Fund II (\u2018Apis\u2019), a fintech private equity fund based in the UK, JG Summit Holdings (JG Summit) a Philippines based conglomerate owned by the Gokongwei family, <\/span>African Fig Tree (AFT), a ring-fenced vehicle established by the founders along with key individuals, <\/span>and the Ethos AI Fund. <\/span><\/p>\n TymeBank has acquired four million customers in 32 months, with a noticeable acceleration in its acquisition rate.<\/p>\n
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