Recently courting the attention of the media to make major headlines across Fintech industry is the South African digital bank, TymeBank.
The startup had announced securing R1.6million from a network of global investors, as it looks to continue growing its venture where it provides financial services to the underbanked people of South Africa.
Quillcastle Nigeria correspondent, Azeezat Ogunleti, roved around to bring us details of the company and recent investment.
About the company: The Fintech company, which is a member of the Tyme group of companies, was launched in 2019.
Scope of the new fund: The digital bank explained that the fund is expected to expand its current offering of banking products and grow its lending portfolio.
What TymeBank does:
Corporate review revealed that the startup seeks to provide financial services to the underbanked residents in South Africa.
Standing out from the pack, the digital bank offers a transactional bank account with no monthly fees and an immediate access savings product with a competitive interest rate.
What you should know:
- The new investors for this round of funding include Apis Growth Fund II, a private equity fund managed by Apis Partners (Apis), and JG Summit Holdings (JG Summit).
- About R500-million of the total R15.6billion has already been invested and the balance is expected to be provided over the next year to 15 months.
- With an ambition to expand company’s corporate portfolio, the new investors have also entered an agreement to launch a digital bank in the Philippines.
- TymeBank is also currently working on improving and expanding its offering of products including; insurance, credit cards, and other value-added services to customers.