Fintech Giant Eyes Southeast Asia Expansion and 2028 Listing
In a bold move signaling its growing influence in global fintech, Brazilian digital banking giant Nubank announced on Monday a $150 million investment in Singapore-based Tyme Group. The deal helped propel Tyme, already backed by Chinese tech powerhouse Tencent, to unicorn status, achieving a $1.5 billion valuation. The fresh funds aim to supercharge Tyme’s expansion across Southeast Asia, with plans for a public listing by 2028. It’s yet another signal that fintech players from emerging markets are setting their sights on global domination.
Tyme Group, with its roots in South Africa and the Philippines, isn’t stopping there. CEO Karl Westvig made it clear: they want TymeBank in South Africa to rank among the country’s top three retail banks within three years. The $250 million Series D round, which included significant contributions from M&G Catalyst Fund and existing shareholders, gives Tyme the firepower to scale up its ambitions. Westvig noted that Nubank’s backing brings “enhanced credibility and market visibility,” adding that their sights are set on a New York listing to tap into deeper capital markets.
Southeast Asia is Tyme’s next frontier, and the group has its roadmap laid out. In Vietnam, where it currently focuses on merchant lending, it plans to introduce core banking products by 2025. Meanwhile, in Indonesia, the company is working on launching merchant cash advances and pursuing a banking license to deepen its footprint. As Tyme sharpens its focus on these dynamic markets, it positions itself as a bridge between emerging economies hungry for digital financial solutions.
Back home in South Africa, TymeBank is gearing up for a credit card relaunch at scale next year and is even eyeing the cryptocurrency space—though its strategy is still under discussion. For African Rainbow Capital, led by billionaire Patrice Motsepe, the investment is already paying dividends. And with Nubank now firmly on board, Tyme Group’s global aspirations just became a lot harder to ignore. As fintech unicorns multiply, Tyme’s success story is another reminder: the future of banking is being rewritten, and the players are no longer confined to Wall Street.
(Source: Nikkei Asia | Business Wire | Financial Times)
