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Nubank, the world’s biggest digital bank by market value, is planning to invest $150m in Tyme Group, valuing the neobank launched in South Africa at $1.5bn and helping to finance its push into south-east Asia. The cash injection will bring Tyme into a select club of Africa-related “unicorns” — start-ups valued at above $1bn — and underline Nubank’s growing reach outside Latin America.
Jonker said Tyme wants to become a top three retail bank in South Africa “by most measures” within three years, but competitors are concerned about whether it can make money from low-income depositors, many of whom are on government grants or unemployed.
https://www.ft.com/content/9e1bdfe8-15e9-4688-9299-3e99bae0112c
