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South African challenger bank TymeBank raises $77.8M from Norrsken22 and Blue Earth Capital

South African digital banking platform TymeBank has raised $77.8 million in a pre-Series C round led by Norrsken22 and Blue Earth Capital. Tencent, the lead investor in TymeBank's Series B extension raise, also participated in this round and increased its stake to become the third-largest shareholder. TymeBank is majority-owned by Patrice Motsepe’s African Rainbow Capital (ARC) and offers a transactional bank account with zero or low monthly fees and a savings product to customers through physical locations such as national retailers Pick n Pay and Boxer. The company claims to have hit 7 million customers in South Africa alone, recording a revenue run rate of over $100 million annually as it grows at 300,000 new customers monthly. The fintech intends to use the capital for further operations in South Africa and the Philippines and future expansion into Southeast Asia.


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