Tymebank, a digital bank from South Africa, recently raised an additional $70 million from its latest funding round, led by Tencent and the U.K.-based development finance group, the CDC Group. This latest capital raise brings the value of funds Tymebank has acquired via Series B to $180 million. Before this latest investment, Tymebank had received $110 million from Apis Growth Fund II and Gokongwei’s JG Summit Holdings.
The digital bank Tyme will use the new money to fund its domestic expansion.
According to the News24 report, the digital bank Tyme will use the new money to fund its domestic expansion and to facilitate the bank’s entry into other markets. “The two investor’s capital and expertise will also be used to improve Tyme’s ability to manage risk and support the bank’s expansion into markets where CDC has a presence,” a statement from the bank explained. The report adds that Tymebank will also use part of the funds raised to support Gotyme in the Philippines, where it has secured a digital bank license in partnership with the Gokongwei Group.
South Africa’s top financial watchdog is all set to introduce cryptocurrency regulations early next year.
South Africa’s top financial regulator is all set to introduce cryptocurrency regulations early next year. The regulator believes that scammers are taking advantage of the vulnerable investors and running off with millions of dollars since the investors have no avenues for recourse. South Africa has been one of the continent’s biggest cryptocurrency markets, topping the list alongside Kenya, Nigeria, and Ghana. South Africa ranked first globally for the proportion of Internet users who own digital currencies at 10.7% a few years ago.