Singapore fintech startup Tyme Group has secured a US$250 million investment, which it calls the “largest fintech raise this year in Southeast Asia,” giving it a valuation of $1.5 billion.
The company received the investment from Brazil-headquartered lender Nubank and other investors, it said in a news release Tuesday.
A customer of TymeBank, operated by Singapore-based Tyme Group, is seen in this photo taken June 2024. Photo courtesy of TymeBank |
With established operations in South Africa and Philippines, Tyme now gears up for expansion into Vietnam and Indonesia as it eyes to expand its presence in Southeast Asia.
Tyme, backed by South African billionaire Patrice Motsepe’s African Rainbow Capital Investments, has been developing and operating digital banks since 2019.
The company entered the Philippines in 2022 in a joint venture with a local company.
Southeast Asia’s loan book balance is expected to reach up to $300 billion by 2030, quadrupling from an estimated $71 billion this year.
Startup investment in Southeast Asia remains weak this year, with 474 equity deals taking place in the first three quarters, the lowest level since 2020, according to DealStreetAsia.
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