Africa's fintech landscape has welcomed a new unicorn, as South Africa's Tyme Group has secured a substantial $250 million in Series D funding, catapulting the digital banking leader into the elite club of fintech unicorns. This milestone makes Tyme Group one of Africa's newest fintech unicorns, joining Nigeria's Moniepoint, which achieved this status earlier in 2024.

The funding round was led by Nu Holdings Ltd. (Nu), which invested $150 million, with the M&G Catalyst Fund contributing $50 million and Tyme Group's existing shareholders adding another $50 million. This latest injection brings Tyme Group's total funding to over $600 million, underscoring the confidence of investors in the company's growth strategy.

Tyme Group, which operates in South Africa and the Philippines, has already amassed an impressive 15 million customers. The fresh capital will drive the company's expansion into Southeast Asia, with plans to enter Vietnam and Indonesia. Furthermore, the funding will lay the groundwork for a highly anticipated public listing by 2028, a testament to the company's ambitious growth plans.

According to Karl Westvig, CEO of TymeBank in South Africa, "This funding will propel our growth strategy, enabling us to realize our stated goal of being a top three retail bank in South Africa in the next three years." Westvig also highlighted the significance of the affiliation with Nubank, which will enhance the company's credibility and market visibility, paving the way for a potential listing by 2028.

Tyme Group's expansion into the Philippines in October 2022, with the launch of its second digital bank, GoTyme, in partnership with the Gokongwei Group, demonstrates the company's commitment to exploring new markets. The group's largest shareholder is African Rainbow Capital, controlled by African billionaire Patrice Motsepe.

The emergence of Tyme Group as a fintech unicorn underscores the growing significance of Africa's fintech sector, which has been gaining momentum in recent years. This development is likely to have far-reaching implications for the region's financial landscape, as innovative digital banking solutions continue to transform the way people access financial services.

As Africa's fintech ecosystem continues to evolve, the success of companies like Tyme Group serves as a beacon of inspiration for entrepreneurs and startups across the continent. With its sights set on Southeast Asia and a potential public listing on the horizon, Tyme Group is poised to make a lasting impact on the global fintech landscape.