2023-05-23 12:15:00
(Ecofin Agency) – The banking group, which claims more than 6 million customers in South Africa and the Philippines, believes that the Vietnamese market is perfectly suited to its business model focused on fully digital banking services.
Tyme Group, the neobank majority-owned by South African billionaire Patrice Motsepe, plans to set up shop in Vietnam in 2024 after closing a $78 million fundraising round, reported Bloombergthis Tuesday, May 23, quoting a leader of the group.
« It’s one of those markets that’s a perfect fit for a business like ours. said Coen Jonker, co-founder of Tyme Group.
« Vietnam is chronically underserved and many small businesses have little or no access to capital “, he added, indicating that the economy of this Southeast Asian country is characterized by ” rapid growth and low unemployment ».
Majority-owned by African Rainbow Capital, Patrice Motsepe’s investment holding company, Tyme Group operates in South Africa under the name Tyme Bank. It also launched in 2022 a fully digital bank called GoTyme Bank in the Philippines, in association with the local company Gokongwei.
« Tyme Group is growing at a rate of 300,000 new customers per month in both markets “said Mr. Jonker.
Last January, Tyme Group raised $78 million from a group of new capital investors, including Norrsken22, an Africa-focused technology fund, and Blue Earth Capital, an impact investment firm.
These funds will notably be allocated to financing the expansion of Tyme Group into new markets and the consolidation of its operations in South Africa and the Philippines, where the cumulative number of customers served has exceeded 6 million.
Read also:
04/08/2022 – South African Patrice Motsepe’s TymeBank offers to acquire SME finance firm Retail Capital
08/12/2021 – TymeBank obtains $70 million to pursue its development on the continent
17/08/2021 – South African TymeBank obtains the license to operate a digital bank in the Philippines
02/23/2021 – South Africa: TymeBank by billionaire Patrice Motsepe raises $109.5 million for its growth
1684861161
#Philippines #South #African #neobank #Tyme #Group #plans #set #Vietnam