JG Summit Holdings Inc. has secured a stake in Tyme, one of the world’s fastest-growing digital banks based in South Africa that is seeking to explore emerging markets in developing economies, especially in Southeast Asia.
JG Summit has taken part in an estimated P5.3-billion ($110 million) investment in Tyme, along with Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and South African investment holdings company African Rainbow Capital.
Tyme, whose international management arm TymeGlobal is headquartered in Singapore, is considered as one of the world’s leading digital banking network for emerging markets. It is majority owned by ARC.
The capital raise will be primarily deployed to expand TymeBank in South Africa, which has attracted 2.8 million customers to its digital banking platform since its launch in February 2019. It is one of the largest foreign investments any fintech company has secured in South Africa, affirming the dynamic growth of the local banking sector.