Singaporean fintech startup Tyme Group has secured a $250 million investment, which it calls “the biggest fintech raise this year in Southeast Asia”, giving it a valuation of $1.5 billion. dollars.
The company received investment from Brazil-headquartered lender Nubank and other investors, it said in a press release Tuesday.
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A customer of TymeBank, operated by Singapore-based Tyme Group, is seen in this photo taken in June 2024. Photo provided by TymeBank. |
With established operations in South Africa and the Philippines, Tyme is now preparing to expand into Vietnam and Indonesia, with the aim of expanding 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 through a joint venture with a local company.
Southeast Asia’s loan portfolio balance is expected to reach $300 billion by 2030, a quadrupling from the $71 billion estimated this year.
Startup investment in Southeast Asia remains weak this year, with 474 stock deals completed in the first three quarters, the lowest level since 2020, according to DealStreetAsia.