MANILA - GOTyme, the digital bank of the Gokongwei group said its partner Tyme of South Africa has secured investments from China's Tencent and CDC Group.
The investment from Tencent and CDC completed the $180 million series B capital raise, GOTyme said in a statement, citing information from its partner Tyme.
Funds will be used "to fund and grow TymeBank in South Africa and to fund GOTyme in the Philippines," the company said.
GOTyme in August secured a digital banking license under the new banking framework of the Bangko Sentral ng Pilipinas.
"This is a very welcome investment from Tencent and CDC. It is a clear vote of confidence in our digital banking offering as well as our leadership teams in South Africa, Singapore, and the Philippines," Tyme co-founder Coen Jonker said.
The investment from Tencent and CDC is about $70 million, the statement said. The first part of Tyme's Series B raise concluded earlier this year, after securing $110 million from Apis Growth Fund II and JG Summit Holdings.
GOTyme is set to launch in the third quarter next year, the statement said.
Tyme said digital banks are "integral" in the Philippines where the unbanked population is over 70 percent.
Digital banks have no physical branches and are designed to make onboarding easier.
The BSP has also issued digital banking licenses to Land Bank's OF Bank, Union Bank's UnionDigital, PayMaya's Maya Bank, Tonik Bank and UnoBank.