Cape Town – Tyme Group, a digital lender controlled by billionaire Patrice Motsepe, is considering expanding into Vietnam in its ambitious growth plan.
According to Bloomberg News, the company recently secured around $78 million in funding and sees Vietnam as a perfect market due to its underserved small businesses and lack of access to capital.
“It’s one of those markets that is almost like a perfect fit for a business like ours,” the report quoted Coen Jonker, co-founder of Tyme and chief executive officer of TymeBank as saying.
Tyme Group, majority-owned by African Rainbow Capital (ARC), already operates as Tyme Bank in South Africa and GoTyme Bank in the Philippines, where it has gained over 7 million customers in just four years.
Vietnam, with its young and rapidly growing economy, is the second Asian nation the company aims to enter.
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Tyme plans to utilise the majority of the funding for its market expansion and operations in South Africa and the Philippines, and is also seeking additional capital in a full series C fundraising round, the report said.
The company is confident in its ability to raise capital, given the high interest in its business.
In 2021, Tyme successfully secured investments from Tencent and CDC to complete its $180 million (R2.86 billion) Series B capital raise, IOL reported.
The investment from Tencent and CDC was pegged at an additional $70 million.
Tencent is a world-leading internet and technology company based in China, and CDC Group is the UK’s development finance institution and impact investor, the report said.
Last year, ARC announced that it had injected millions into TymeBank and TymeGlobal, according to Tech Financials.
The company said at the time that ARC Financial Services Holdings had injected an additional R257 million into TymeBank and TymeGlobal during the period as part of the scheduled capital requirements for the bank.
TymeBank is a digital bank that prioritises simplicity and affordability by utilising digital technology. The bank aims to attract customers seeking lower banking costs and enhanced customer experiences, the report said.
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Compiled by Betha Madhomu
