South African digital bank TymeBank is raising $150m as it sets its sights on an initial public offering (IPO). 

Tencent-backed TymeBank is said to be Africa’s fastest growing digital bank and the series D fund raising brings the digital banking startup’s valuation close to $1bn. 

The news was revealed by TymeBank CEO Coenraad Jonker in an interview with Bloomberg. 

“Our target is to list TymeBank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders,” said Jonker. 

The planned $150m funding round would go towards an expansion, including a move into Indonesia by the end of 2024. TymeBank already operates in Vietnam and the Philippines, where TymeBank will reach profitability in during the next 18 months according to Jonker. 

Jonker stated that the company would aim to complete the round by Q4 2024. 

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