Following this announcement, the total Series D funding round amounted to USD 250 million, with M&G Catalyst Fund subscribing for USD 50 million and existing shareholders with a further USD 50 million. With this investment, Nubank has become a minority shareholder in Tyme Group.
Tyme Group represents a multi-country digital banking group, focused on helping customers, clients, and small and medium-sized enterprises (SMEs) in the process of developing in emerging markets. The financial institution operates under a hybrid model that combines a customer-centric digital platform with physical experiences, delivered in partnership with nationwide retailers and companies through digital kiosks and bank ambassadors.
Nubank is a digital financial services platform that focuses on meeting the needs, preferences, and demands of clients across multiple regions, such as Brazil, Mexico, and Colombia. The company leverages data and proprietary technology in order to develop optimised and secure products and services.
Throughout this investment, Tyme Group will continue its objective of providing clients with improved solutions and experiences, while also accelerating its development process in an ever evolving market. In addition, the bank will also continue to offer an affordable suite of solutions and maintain a lower cost structure than traditional banks. According to officials of the financial institution, it will also focus on the plans to open its new operation for customers and partners in the region of Vietnam, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
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