With the investment, Nubank joins as minority shareholder in Tyme Group. Credit: Jo Galvao/Shutterstock.

Tyme Group, a digital banking group, has secured $250m in a Series D funding round at a $1.5bn valuation.

The oversubscribed round was led by Brazilian neobank Nubank, which contributed $150m, and helped Tyme Group join the unicorn club.

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Other participants in the funding round are M&G’s Catalyst adding $50m, and existing shareholders contributing an additional $50m.

Tyme Group’s investor base includes founders, African Rainbow Capital, The Ethos AI Fund, Apis Growth Fund II, The Gokongwei Group, Tencent, British International Investment, Blue Earth, Norrsken 22, and Lavender Hill Capital Partners.

Nubank joins as minority shareholder in Tyme Group, which was established in 2019.

Nubank founder and CEO David Vélez said: “Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally-native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be a digital bank leader in Africa and Southeast Asia.”

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With operations currently in South Africa and the Philippines, Tyme Group also maintains a global headquarters in Singapore and a technology and product development hub in Vietnam.

Law firms and advisory partners involved in the financing round include Rothschild & Co, Avista Advisory Partners, Webber Wentzel, and Ekta Partners.

Tyme Group co-founder and CEO Coen Jonker said: “Nubank transformed financial services in Brazil.

“We are excited by the value that Nubank’s thought partnership and advice can bring to Tyme particularly in areas such as data analytics, credit risk management, product development and marketing – levers we believe are key to achieving leadership in our markets.”

Last year, Tyme secured $77.8m in pre-Series C capital from Blue Earth Capital and Norrsken22.