South African digital challenger TymeBank, an affiliate of the Tyme Group that also operates GoTyme in the Philippines, plans to raise a significant amount of capital ahead of launching an initial public offering (IPO), according to a recent report.
TymeBank CEO and co-founder, Coenraad Jonker, mentioned in a recent interview that the challenger bank is engaged in “our series D capital raise at unicorn valuation,” which is expected to conclude in the fourth quarter of 2024.
TymeBank’s rapid growth has seen it classified as one of the world’s fastest-growing digital banks, achieving an annualised revenue run rate of approximately US$160.7 million in 2023. Tyme Group has claimed the financial milestone indicates TymeBank is the world’s fastest profitable standalone digital bank.
In January, Bloomberg reported that when the latest funding round was initially proposed, the company was valued at nearly US$ 1 billion. The anticipated new funds are intended to support the enterprise’s expansion into the Philippine and Vietnamese markets.
Besides accelerating expansion plans, the cash infusion is also expected to help TymeBank scale up as it prepares for an IPO. Any cash raised from the firm’s Series D will add to the amount secured during a pre-Series C funding round completed a year ago.
CEO Coenraad Jonker added,
“Our target is to list TymeBank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders.”
Featured image credit: Edited from Freepik
