Brazilian digital banking group Nubank, a publicly-traded company on the New York Stock Exchange (NYSE), has invested in South African-born fintech Tyme Group.
Tyme, a global digital banking group headquartered in Singapore and backed by South Africa’s Africa Rainbow Capital (ARC), operates two high-growth digital banks: TymeBank in South Africa and GoTyme Bank in the Philippines.
TymeBank, launched in 2019, has surpassed 10-million customers, with a 29% year-on-year growth rate. GoTyme, in partnership with the Gokongwei Group, has achieved traction of 317% year-on-year growth, with more than 4-million customers signed up since its October 2022 launch.
“This partnership between Nubank and Tyme highlights the essence of Endeavor’s mission, which is to connect high-impact entrepreneurs from emerging markets with opportunities that allow them to scale beyond borders,” says Alison Collier, MD of Endeavor South Africa. “It’s an example of how aligning the right partners at the right time can create exponential value.”
Tyme joined the Endeavor South Africa network in 2021. Initially supported through mutual mentorship, the partnership evolved to include investments via our global co-investment fund, and Endeavor’s South African-focused Harvest Fund.
Recently, Tjaart van der Walt, co-founder and CEO of TymeBank, joined the Endeavor South Africa board to continue to support the work that Endeavor does in championing the next generation of entrepreneurs.
Endeavor’s global network proved instrumental in connecting Tyme with the Gokongwei Group, a crucial strategic partner for its expansion into the Philippines amongst others. Similarly, the introduction to Nubank was facilitated by Endeavor after a meeting at one of its events in New York, where Endeavor’s headquarters are located. This led to direct engagements between the two companies.
With operations spanning Latin America and Europe, Nubank brings substantial resources and expertise to its partnership with Tyme’s complementary footprint in Africa and South-East Asia. The Brazilian fintech giant, which has a customer base of over 100-million and $8-billion in cash reserves, is well-positioned to accelerate the scaling of Tyme’s operations both in its current and new markets.