GoTyme Bank’s major shareholder, Tyme Group, announced that Nubank (Nu), a leading digital bank listed on the New York Stock Exchange, has led its Series D capital raise. This investment marks a significant milestone for Tyme Group, which now boasts a post-money valuation of $1.5 billion after raising $250 million in new funding.
Nubank, with 110 million customers and a market capitalization exceeding $57 billion, invested $150 million in Tyme Group. The oversubscribed Series D round also included $50 million from M&G’s Catalyst Fund and an additional $50 million from existing shareholders such as the Gokongwei Group, Tencent, British International Investment (BII), Norrsken 22, Blue Earth, Lavender Hill, Ethos Fund, and Africa Fig Tree.
This partnership with Nubank reflects strong confidence in Tyme Group’s potential to lead digital banking in Africa and Southeast Asia. Coen Jonker, Tyme Group founder and CEO, emphasized that Nubank’s involvement will accelerate Tyme’s strategic capabilities and expansion plans in Southeast Asia.
GoTyme Bank, recognized as the fastest-growing bank in the Philippines, recently ranked first in customer experience in independent surveys conducted by the Singapore Economic Development Board and Forrester. The collaboration with Nubank is expected to enhance GoTyme Bank’s growth trajectory by leveraging additional resources and expertise.
Nate Clarke, CEO of GoTyme Bank, expressed enthusiasm about the partnership, highlighting the strategic and cultural alignment between GoTyme Bank and Nubank. He believes this collaboration will accelerate their path to becoming the largest and most beloved retail bank in the Philippines.
Lance Gokongwei, president and CEO of JG Summit, also voiced excitement about the partnership with Nubank. He believes this collaboration will further propel GoTyme Bank’s growth in the Philippines while supporting Tyme Group’s expansion across multiple markets.
As GoTyme Bank prepares for its next chapter, it aims to leverage this investment to enhance its offerings and continue its mission of providing exceptional banking services to its customers.
