JG Summit Holdings Inc. said it has joined a consortium of investors in a P5.3 billion investment in South African digital bank Tyme, one of the world’s fastest-growing digital banks seeking to explore emerging markets in developing economies particularly in Southeast Asia.
JG Summit said it joined Apis Growth Fund II, a private equity fund managed by Apis Partners LLP, and South African investment holdings company African Rainbow Capital (ARC) in the investment, which will be primarily deployed to grow TymeBank in South Africa.
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 and is majority owned by ARC.
Its digital banking operation has attracted 2.8 million customers since its launch in February 2019. It is reportedly one of the largest foreign investments any fintech company has secured in South Africa.
“With the move, JG Summit, through its corporate venture capital vehicle, JG Digital Equity Ventures (JGDEV), reinforces its foray into global innovations and fintech as part of its vision of becoming one of the biggest digital conglomerates in the country and in the ASEAN ,” the company said.
“With Tyme in its portfolio of investments, JGDEV brings to the JG Summit ecosystem a deeper understanding of the success of digital banking in developing economies such as South Africa with the aim of replicating it in a similar setting such as the Philippines,” it added.
Coen Jonker, co-founder and executive chairman of Tyme, said the proceeds will also finance the Philippine venture. -Ruelle Castro