INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 38

• South African digital bank TymeBank gets $9.5M investment to expand operations
• UAE automotive SaaS company Seez banks $4.2M fund to support expansion into the US market
• Algerian ed-tech startup LabLabee receives $3.4M seed funding to expand its offerings
• Egypt’s fintech company SETTLE closes $2M pre-seed fund to enhance B2B payment automation
• South Africa’s fintech startup Happy Pay garners $1.8M pre-seed funding to boost growth and expand offerings 
• Nigerian fraud detection company Regfyl raises $1.1M to expand and build new compliance product
• Nigerian food-tech company Foodpreneurs Hub secures $500,000 pre-seed to tackle food insecurity

South African digital bank TymeBank gets $9.5M investment to expand operations

South Africa's largest cash-in and cash-out network TymeBank, has landed an investment of $9.5 million(R169 million) from African Rainbow Capital (ARC) after surpassing 9.5 million customers, thanks to strategic partnerships with major retailers like Pick n Pay, Boxer, and The Foschini Group (TFG). 

This investment follows its pre-series C funding round in May 2023, where it secured $77.8 million from Norrsken22, an African growth-stage investor, and Blue Earth Capital, a global impact investment firm.

While the company has taken nearly $347 million in loss, it broke even in December 2023, concluding its annual financial results for the fiscal year with 59% growth in deposits amounting to $368.93 million(R6.5 billion) and merchant credit advances of $102.17 million(R1.8 billion).

Launched in 2019, TymeBank targets underprivileged and economically marginalized groups in society by making accessible, their affordable, and quality banking services.

With the new infusion of funds, TymeBank seeks to bolster and enhance its services as well as expand its reach within the South African banking sector.