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TymeBank picks up Tencent as investor as it eyes emerging-market expansion

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Digital bank secures investments to complete $180m funding round

TymeBank, the emerging lender backed by Patrice Motsepe’s African Rainbow Capital , says it has completed its $180m series-B capital raise, with Chinese tech giant Tencent and CDC Group, the UK’s development finance institution, becoming new shareholders.

Series-B refers to a funding round after the initial capital raising for a start-up, and in February Tyme raised $110m from private equity firm Apis Partners and JG Summit Holdings, which is one of the largest conglomerates in the Philippines and owned by the Gokongwei family...

 

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