Tyme Group, a digital lender controlled by South African billionaire Patrice Motsepe, raised $250 million in a funding round that made it one of Africa\u2019s few unicorns. <\/p>\n\n\n\n
The bank is valued at $1.5 billion after the capital raise, which included a $150 million investment from Latin America\u2019s most valuable financial company, Nu Holdings Ltd.<\/p>\n\n\n\n
\u201cIt is a unique vote of confidence in our business by the world leaders in our industry, essentially,\u201d Coenraad Jonker, chief executive officer and co-founder of Tyme, said in an interview with Bloomberg. <\/p>\n\n\n\n
Nu Holdings\u2019s Nubank is the world\u2019s biggest standalone digital bank, with over 110 million customers across Brazil, Mexico and Colombia. \u201cThey do not have plans to organically grow into Southeast Asia,\u201d said Jonker, and its investment \u201cis really the bet that they are taking as Nubank in Southeast Asia and Africa.\u201d<\/p>\n\n\n\n
M&G\u2019s Catalyst fund also put in $50 million, while existing shareholders invested a further $50 million, Tyme said. Its current backers include Tencent Holdings Ltd., Gokongwei Group, and Norrsken22. <\/p>\n\n\n\n
Motsepe\u2019s African Rainbow Capital Investments Ltd. will remain Tyme\u2019s lead shareholder with a 40% stake, Jonker said. \u201cOur status as South Africa\u2019s only Black-owned and Black-controlled commercial bank actually remains in place.\u201d<\/p>\n\n\n\n