Tyme has partnered with JG Summit to Launch Digital Bank for the Philippines.

Digital banking network Tyme announced Tuesday its raise of $110 million from new investors Apis Growth Fund II, a private equity fund managed by Apis Partners, and the Gokongwei-led JG Summit Holdings of the Philippines.

South African focus

Tyme said its primary use of the funds would be to grow TymeBank in South Africa. This would be one of the largest foreign investments any fintech company has secured in that country.

African Rainbow Capital is the controlling shareholder in TymeBank.

Dr. Patrice Motsepe, Chairman of African Rainbow Capital said in a statement: “As the controlling shareholder in TymeBank, African Rainbow Capital is delighted to have our new co-investors onboard. Equally important, Apis Growth Fund II and the Gokongwei family invest in Tyme at a time when significant uncertainty reigns globally and in South Africa as a result of the Covid-19 pandemic. The invested amount of US$110m is no small feat – both in terms of drawing investment into South Africa’s financial services sector as well as investing into a fledgling part of the sector in our country. We look forward to a long-term partnership with Apis and the Gokongwei family.”

Phillippines

Tyme also said that it will apply along with JG Summit Holdings for a digital banking license from the Bangko Sentral ng Pilipinas.

Mr. Lance Gokongwei, President and CEO of JG Summit Holdings commented: “We see digital banking as the next growth area globally and increasingly in ASEAN and so we are excited to partner with global investment giants Apis and ARC in taking part in this global play by building further success for South Africa’s leading digital bank TymeBank.  The investment not only propels the Gokongwei Group to accelerate its foray into disruptive digital plays, but it also allows us to learn more about TymeBank’s experiences that provide a good impetus for us in considering to apply their technology and success in the Philippines.”

Ownership via Singapore

Business Insider said Tuesday that the ownership of TymeBank may change to a Singaporean-based holding company called Tyme Group that would have the same shareholders as African Rainbow Capital.

The move follows a change in South Africa’s exchange control regulations.

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