- Brazilian fintech giant NuBank invests $150 million in South Africa’s Tyme.
- The funding round propels Tyme into the unicorn category, valued at over $1 billion.
What happened: NuBank’s strategic investment in Tyme
Brazilian financial technology company NuBank has announced a significant $150 million investment in Tyme, a South Africa-based digital banking platform. This substantial capital injection not only marks a milestone in Tyme’s growth but also signifies a major step forward for the fintech industry in South Africa. With this investment, Tyme is expected to achieve unicorn status, which is reserved for startups valued at over $1 billion. The collaboration is set to accelerate Tyme’s expansion plans and enhance its offerings in digital banking services, further cementing its position as a leading player in the region’s fintech ecosystem.
Also read: South Africa’s telco industry calls for funding for infrastructure
Also read: India targets Africa and South America for digital payments
Why it is important
This investment is a testament to the growing confidence in the African fintech market and its potential for innovation and growth. The partnership between NuBank and Tyme is expected to foster technological advancements and improve financial inclusion across the continent. By leveraging NuBank’s expertise and resources, Tyme can expand its reach, offering more South Africans access to convenient and affordable digital banking solutions. This deal also highlights the increasing interest of global investors in the African tech scene, indicating a shift towards recognizing the continent’s untapped potential in the fintech space. The achievement of unicorn status by Tyme is not just a validation of its business model but also a beacon for other African startups, showcasing the possibilities for those that can successfully navigate the local market and deliver innovative financial solutions.
