• Tyme Group has successfully raised US$250 million, the largest fintech raise this year in South-East Asia, valuing the business at US$1.5 billion

• Tyme welcomes strategic investor Nubank, one of the world’s largest digital financial service platforms, to fuel next phase of growth in South-East Asia

• With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia

Singapore – 17 December 2024 – Tyme Group, the multi-country digital banking group head-quartered in Singapore with 15 million customers in Africa and South-East Asia, today announced that Nubank, has joined its shareholder base through a strategic investment during its Series D Capital Raise. Nubank is one of the world's largest financial services platforms with over 110 million customers.

Having completed its latest investment round, Tyme Group has now also firmly achieved unicorn status after securing a total of US$250 million in funding for a total valuation of US$1.5 billion. Tyme’s oversubscribed series D capital raise was led by Nubank, which invested US$150 million, with M&G’s Catalyst subscribing for US$50 million. Existing shareholders are investing a further US$50 million. Tyme’s investors includes the Founders, African Rainbow Capital, The Ethos AI Fund, Apis Growth Fund II (‘Apis’), Tencent, The Gokongwei Group, British International Investment (BII), Norrsken 22, Blue Earth and Lavender Hill Capital Partners.

The Nubank partnership solidifies Tyme's position within digital banking and sets the stage for the latter’s growth in Southeast Asia. This partnership brings significant expertise and resources to Tyme, positioning the company well to expand its market presence.

"Nubank transformed financial services in Brazil. We are excited by the value that Nubank's thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing - levers we believe are key to achieving leadership in our markets. This is a moment of great significance for Tyme," said Coen Jonker, Co-Founder and CEO of Tyme Group.

David Vélez, founder and CEO of Nubank, added: “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers.”

Praveg Patil, Head of Asia Pacific, Impact & Private Equity at M&G, commented: “Investing in innovative companies like Tyme Group is essential for driving financial inclusion in underserved markets. M&G’s Catalyst is able to invest in transformative initiatives that create lasting social impact. Through this investment we are addressing the needs of communities that have traditionally been excluded from the financial system to build a more inclusive financial ecosystem.”

Commenting on the Nubank partnership, Patrice Motsepe, Chairperson of major shareholder African Rainbow Capital, said: “As the long-term strategic shareholder in Tyme, we enthusiastically welcome the partnership with leading global digital bank, Nubank, as we are convinced this will lead to an even higher and significantly accelerated growth trajectory for the multi-country Tyme Group.”

Tyme wishes to thank the law firm Webber Wentzel, Rothschild & Co, Avista Advisory Partners and Ekta Partners for their support and invaluable advice on the transaction.

About Nu

Nu is one of the world’s largest digital financial services platforms, serving 110 million customers across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers’ complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu’s impact has been recognized in multiple awards, including Time 100 Companies, Fast Company’s Most Innovative Companies, and Forbes World’s Best Banks. For more information, please visit https://international.nubank.com.br/about/

About M&G Investments

M&G Investments is part of M&G plc, a savings and investment business which was formed in 2017 through the merger of Prudential plc’s UK and Europe savings and insurance operation and M&G, its wholly owned international investment manager. M&G plc listed as an independent company on the London Stock Exchange in October 2019 and has US$437.5 billion of assets under management (as at 30 June 2024). M&G plc has around 4.6 million customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members.

For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which in turn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate.

M&G recognises the importance of responsible investing and is a signatory to the United Nations Principles for Responsible Investment (UNPRI). M&G plc has committed to achieve net zero emissions by 2050 at the latest, across our investment portfolios and operations.

For more information, please visit www.mandg.com

About Tyme

Tyme is a multi-country digital banking group focused on serving consumers and SMEs in emerging markets. Headquartered in Singapore, with a technology and product development hub in Vietnam, Tyme designs, builds, and operates digital banks, with a particular expertise in emerging markets. Tyme recognises the unique challenges of banking in emerging markets, and leverages technology innovatively, through a high tech-high touch approach, to meet the needs of emerging market customers. Following TymeBank in South Africa, Tyme launched its second digital bank, GoTyme, in the Philippines, in partnership with the Gokongwei Group, in October 2022. Across the Group, Tyme now serves over 15 million customers. For more information, please visit www.tyme.com.

For media queries and interview requests: Rachel Freeman, Tyme Group, Singapore: Rachel.Freeman@tyme.com