This round raised a total of $250 million, of which $150 million came from Nubank, $50 million from the M&G Catalyst Fund, and an additional $50 million from current shareholders.

One of the fastest-growing digital banks in the world is run by Tyme Group, which was established in 2019 and has its headquarters in South Africa. With operations in South Africa and the Philippines, the bank has a huge client base of 15 million, demonstrating its strong presence in emerging economies.

Tyme Group's creative hybrid banking model will be further improved with the help of the investment round's proceeds. This strategy offers a unique combination of physical customer service components and a consumer-focused digital platform through partnerships with national shops via bank ambassadors and digital kiosks. The strategy used by Tyme Group is to offer banking products that are both reasonably priced and have a lower cost structure than traditional banks.

As part of its larger aim to strengthen its position in Asia and Africa, Tyme Group also intends to use the new money to expand into other areas, with a particular emphasis on starting operations in Vietnam.

David Velez, the CEO of Nubank, emphasized the strategic convergence between the two businesses in a statement. Since Nubank's founding, we have held the view that digitally native businesses would dominate the global financial services industry in the future. After meeting hundreds of teams from various regions, we believe Tyme Group is ideally positioned to become one of the leading digital banks in South East Asia and Africa. Working with Tyme to share many of the lessons we've learned from growing this strategy to hundreds of millions of users excites us," he added.

"Nubank revolutionized financial services and having them as a shareholder will help build rapport to our model, execution, and expansion plans, both financially and through business counsel," said Coen Jonker, chairman and co-founder of Tyme, who also expressed his excitement over the investment. This round of investments gives us the energy to keep moving forward in our mission to improve the financial lives of millions of individuals in our area.