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South African digital bank TymeBank lands $109M from UK and Philippines investors

The onset of the pandemic has led to increased demand across customer income groups around the world for digital banking options. We’ve seen how digital banks like Zolve and Nubank have raised money in recent months to fill this need. This time, a startup from Africa has joined the party.
TymeBank, a South African digital bank, announced today that it has secured an R1.6 billion (~$109 million) investment from new investors in the UK and Philippines. The company made this known via a statement. This investment will be used to bolster TymeBank’s growth and drive its commercial expansion across the country.
However, this investment will come in two instalments. According to the company, R500 million ($34 million) has already been invested in the business, while the rest — R1.1 billion ($75 million) — will be invested over the next 12 to 15 months.
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