The capital raise sees Tencent, the Chinese Internet giant, and CDC Group, the UK’s development finance institution, joining the company as shareholders. The investment will enable Tyme to use its digital infrastructure to accelerate the rollout of financial services to its mass-market customer base. “The two investors’ capital and expertise will be used to strengthen Tyme’s ability to manage risk and support Tyme’s expansion into emerging markets,” ARCI said. The first part of Tyme’s Series B funding round concluded earlier this year when it secured $110 million (R1.75 billion) from Apis Growth Fund II and the Gokongwei family’s JG Summit Holdings. It brings the combined capital raise to $180 million (R2.86 billion).

African Rainbow Capital remains the majority shareholder post this investment. TymeBank, one of the world’s fastest-growing digital banks, has acquired four million customers in 32 months, with a noticeable acceleration in its acquisition rate. The hybrid digital banking and physical service model has made banking accessible to South Africans across the economic spectrum.