The bank aims to provide underserved and underbanked consumers access to financial services through its digital banking model, with a vision “to create a platform that stimulates economic participation and facilitates broader financial inclusion.” It also is rated as the “number two bank in the country by consumers,” according to the press release, which also noted that it onboards 110,000 to 120,000 new clients every month.
TymeBank launched in February 2019 in South Africa and counts 2.8 customers on its platform. “We see digital banking as the next growth area globally and increasingly in ASEAN,” Lance Gokongwei, president and CEO of JG Summit Holdings, said in the release. JG Summit Holdings, based in the Philippines, and Apis Growth Fund II invested in the funding round, according to the release.
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Tyme, headquartered in Singapore, will primarily use the funding to expand TymeBank in South Africa, where it already operates, but also plans to apply for a digital bank license from the Central Bank of the Philippines, according to a Tuesday (Feb.
After raising $110 million in a Series B capital raise, Tyme plans to expand its digital bank for the underserved into Asia and Southeast Asia, starting with the Philippines.
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