GoTyme Bank is set for rapid expansion following a major investment from global fintech firm Nubank in its parent company, Tyme Group.
The Singapore-based digital banking leader, which operates across Africa and Southeast Asia, has completed an oversubscribed Series D funding round, raising $250 million. The round was led by Nubank, a New York Stock Exchange-listed digital bank with a market cap of $57 billion and over 110 million customers.
The funding round, which pushed Tyme Group’s valuation to $1.5 billion, saw Nubank contribute $150 million. M&G’s Catalyst Fund added $50 million, while other investors, including the Gokongwei Group, Tencent, and British International Investment, invested the remaining $50 million.
This partnership with Nubank is more than just a capital boost for GoTyme Bank and TymeBank South Africa. It provides access to Nubank’s expertise in lending and innovative product development, further cementing GoTyme Bank’s position as the fastest-growing digital bank in the Philippines.
GoTyme Bank CEO Nate Clarke highlighted the alignment between the two companies,. “We believe this partnership accelerates our path toward becoming the largest and most beloved retail bank in the Philippines.”
GoTyme has already made significant strides in customer satisfaction, ranking first in recent surveys by the Singapore Economic Development Board and Forrester, further strengthening its competitive position in the Philippine market.
Nubank CEO David Vélez underscored the value of the investment. “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,” he said.
Lance Gokongwei, president and CEO of JG Summit, expressed confidence in the partnership. “We are excited with the partnership with Nubank, a global digital banking leader, as we believe this collaboration will further propel GoTyme Bank in the Philippines as well as accelerate Tyme Group’s growth and expansion across multiple markets.”
With strengthened financial backing and industry-leading support, GoTyme Bank is well-positioned to redefine digital banking in the Philippines and expand its influence in the region’s retail banking sector.
