Tyme, a Singapore-based fintech company, has recently announced that it has secured US$77.8 million in funding as part of its ongoing pre-Series C raise. The funding round was led by Apis Growth Fund II, a private equity fund that focuses on financial services in emerging markets.
Tyme was founded in 2012 with the aim of providing affordable and accessible financial services to underserved communities in emerging markets. The company’s flagship product is TymeBank, a digital bank that offers a range of banking services, including savings accounts, loans, and insurance.
The latest funding round brings Tyme’s total funding to date to over US$110 million. The company plans to use the funds to expand its operations in South Africa, where it currently operates TymeBank, and to launch new products and services in other emerging markets.
Tyme’s success in raising such a significant amount of funding is a testament to the growing interest in fintech companies that are focused on serving underserved communities. According to a report by the World Bank, there are over 1.7 billion people worldwide who do not have access to basic financial services, such as bank accounts and credit.
Fintech companies like Tyme are leveraging technology to provide affordable and accessible financial services to these underserved communities. By using digital platforms and mobile technology, these companies are able to reach customers who may not have access to traditional banking services.
Tyme’s success also highlights the growing importance of fintech in Singapore’s financial ecosystem. Singapore has been positioning itself as a hub for fintech innovation in recent years, with the government launching initiatives to support the growth of the industry.
The city-state has also been attracting significant investment from global investors, with fintech companies in Singapore raising over US$1 billion in funding in 2020 alone. This has helped to fuel the growth of the industry and position Singapore as a leading fintech hub in the region.
In conclusion, Tyme’s ongoing pre-Series C raise and the US$77.8 million in funding it has secured is a significant milestone for the company and the fintech industry as a whole. The funding will enable Tyme to expand its operations and launch new products and services, furthering its mission of providing affordable and accessible financial services to underserved communities in emerging markets. It also highlights the growing importance of fintech in Singapore’s financial ecosystem and the city-state’s position as a leading fintech hub in the region.
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- Source: https://zephyrnet.com/tyme-pulls-in-us77-8-million-for-ongoing-pre-series-c-raise-fintech-singapore/