Tyme Group, a digital lender led by billionaire Patrice Motsepe, is considering a venture into Vietnam as part of its ambitious expansion strategy. This announcement comes just months after the company received approximately $78 million (R1.5 billion) in pre-Series C funding.
Coen Jonker, the co-founder of Tyme and CEO of TymeBank, expressed his excitement for Vietnam, stating that it is a market that is perfectly aligned with its business. According to Jonker, Vietnam is a country that suffers from chronic under service, with many small businesses lacking access to capital.
Tyme Group, headquartered in Singapore, sees Vietnam as its second Asian market for expansion, following its successful debut in the Philippines last year. As a prime opportunity, Jonker highlighted Vietnam’s young, rapidly expanding $366 billion economy with low unemployment rates.
Patrice Motsepe’s African Rainbow Capital owns the majority of Tyme Group, which operates as Tyme Bank in South Africa and has over 7 million customers in just four years. The company operates GoTyme Bank in the Philippines as a joint venture with the local Gokongwei Group. Jonker revealed that Tyme is currently acquiring 300,000 new customers per month across both markets.
Tyme plans to allocate $65 million of the $78 million raised in the recent funding round to its expansion into Vietnam, as well as to support its operations in South Africa and the Philippines. According to Jonker, the remaining funds will be used to buy out one of the bank’s early investors.
During the funding round, Tyme Group welcomed two new investors: Norrsken22, an Africa-focused tech growth fund, and Blue Earth Capital, an independent global impact investment firm. Tyme Group may seek an additional $40 million to $80 million in a full Series C fundraising round, which is expected to conclude in the fourth quarter, according to Jonker.
Because of the high level of interest in the business, Jonker expressed confidence in Tyme’s ability to attract capital. The main concern, however, is determining the appropriate valuation for the company.
In conclusion, Tyme Group, led by Patrice Motsepe, is considering expanding into Vietnam as part of its overall growth strategy. The digital lender sees Vietnam’s growing economy and lack of access to capital as prime opportunities, with a focus on underserved markets. Tyme Group, which has already achieved significant success in South Africa and the Philippines, intends to use its recent funding to drive further growth in these markets as well as in Vietnam.