ARC Investments has announced on Tuesday (7 December) that Tyme, including TymeBank South Africa and Tyme Global, completed its Series B Capital Raise with the introduction of two new shareholders.
Tyme Global represents the Singapore registered company through which the Tyme Intellectual Property is held and which serves as the vehicle for growth into new markets.
Capital raised amounts to approximately $70 million and sees Tencent, the international leading internet and technology company based in China, and CDC Group, the UK’s development finance institution, being shareholders.
The first part of Tyme’s Series B raise concluded earlier in 2021 when it secured $110 million from Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and the Gokongwei family’s JG Summit Holdings – taking the combined capital raise to $180 million.
The investment, ARC said, will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services…
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