South African neobank TymeBank has raised $110m in series B funding and partnered with JG Summit to apply for a digital bank licence in the Philippines.

The funding round was joined by Apis Growth Fund II and Gokongwei family-led JG Summit Holdings of the Philippines.

Tyme said that the fresh capital would primarily be used for scaling up its operations in South Africa.

Additionally, Tyme has announced plans to launch business across ASEAN, starting with the Philippines.

As a part of this plan, it has partnered with JG Summit, which is its new investor and one of the largest conglomerates in the Philippines.

Tyme co-founder and executive chairman said: “Internationally, digital banks are starting to take significant market share from traditional players. More importantly, they are bringing industry transformation and helping more people participate in the economy.

“Both Apis and JG Summit have already proven their commitment to this cause. We can’t wait to work with them in South Africa, the Philippines and beyond.”

Tyme said that it will apply for a digital banking licence in the Philippines in alliance with JG Summit.

The partnership will allow Tyme to leverage the JG Summit’s retail network in the country.

JG Summit Holdings president and CEO Lance Gokongwei commented: “We see digital banking as the next growth area globally and increasingly in ASEAN and so we are excited to partner with global investment giants Apis and ARC in taking part in this global play by building further success for South Africa’s leading digital bank TymeBank.”

TymeBank was launched in 2019 and claimed to be the second-largest bank in South Africa with over 2.8 million customers.

In December last year, TymeBank partnered with IDEMIA, a global player in augmented identity, to deliver a secure way for customers to acquire bank cards.