Singapore-based fintech startup Tyme raises $250M
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Singapore fintech startup Tyme Group has secured a US$250 million investment, which it calls the “largest fintech raise this year in Southeast Asia,” giving it a valuation of $1.5 billion.
The company received the investment from Brazil-headquartered lender Nubank and other investors, it said in a news release Tuesday
With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia as it eyes to expand its presence in Southeast Asia.
Tyme, backed by South African billionaire Patrice Motsepe’s African Rainbow Capital Investments, has been developing and operating digital banks since 2019.
The company entered the Philippines in 2022 in a joint venture with a local company.
Southeast Asia’s loan book balance is expected to reach up to $300 billion by 2030, quadrupling from an estimated $71 billion this year.
Startup investment in Southeast Asia remains weak this year, with 474 equity deals taking place in the first three quarters, the lowest level since 2020.
Questions & Answers
Q.Which specific regions are Tyme planning to expand into next?
Which specific regions are Tyme planning to expand into next?
Tyme is preparing for expansion into Vietnam and Indonesia. This move aligns with its strategy to further increase its presence across Southeast Asia, building on its existing operations.
Q.How long has Tyme Group been involved in operating digital banks?
How long has Tyme Group been involved in operating digital banks?
Tyme Group has been developing and operating digital banks since 2019. It entered the Philippines market in 2022 through a joint venture with a local company.
Q.What is the expected growth for Southeast Asia's loan book balance by 2030?
What is the expected growth for Southeast Asia's loan book balance by 2030?
Southeast Asia’s loan book balance is projected to reach up to $300 billion by 2030. This represents a significant increase, quadrupling from the estimated $71 billion recorded this year.
Q.Who were the main investors behind this latest funding round for Tyme Group?
Who were the main investors behind this latest funding round for Tyme Group?
The primary investor in this funding round was Brazil-headquartered lender Nubank. Other undisclosed investors also contributed to the US$250 million investment, according to the company's news release.
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