TymeBank, a South African digital banking company, reached 3.45 million subscribers by the end of June 2021, enrolling 5,000 new clients each day.
TymeBank had 3 million clients at the end of March 2021, indicating that 450,000 new customers were added in the three months leading up to June 30, 2021.
Their aspirations are bigger than that, with the organization still hoping to complete a contract with the Zionist Christian Church (ZCC) in 2019 to get a substantial percentage of the congregation’s 9 million members on board.
In 2022, the bank aims to break even.
TymeBank has also made a stir by introducing insurance and a ‘buy now, pay later’ offering called MoreTyme to its value proposition for customers.
The company plans to scale up important existing goods, offer new pay advance products, and take other steps to broaden its client base in the next fiscal year, according to the company.
The annual financial reports for African Rainbow Capital (ARC) for the year ending June 2021 included statistics for TymeBank’s activities.
As part of the bank’s planned capital needs, ARC FSH invested an extra R505 million into TymeBank and TymeGlobal during the year.
ARC FSH and two new foreign partners, Apis Growth Fund II and JG Summit Holdings, provided additional equity investment of $110 million to TymeBank and TymeGlobal.
The additional equity financing will be distributed in two installments. The first $80 million tranche was completed after the agreements were signed in April 2021. At the time of reporting, the second tranche had not yet been completed.
For the year, ARC’s Intrinsic Portfolio Value increased by 16.3 percent to R12.275 billion (2020: R10.556 billion).
The ARC Fund had R239 million in cash (2020: R35 million), and the company had raised R750 million through a rights offer to shareholders throughout the year.
The increase in the number of shares following the rights issue resulted in an 8.1 percent drop in intrinsic net asset value per share to R8.77 per share (2020: R9.54 per share).
The organization predicts that the difficulties caused by the Covid-19 epidemic will last for the short to medium future.
The economic impact of Covid-19 has been covered extensively. They have established arrangements with the management teams of some major investee firms as a top investment holding entity to connect the company’s growth goals with the current economic climate.
Every day, TymeBank signs up to 5,000 new customers
TymeBank claims to have surpassed a 3 million account mark, with the fintech routinely enrolling 100,000 to 120,000 new members every month — 3,000 to 5,000 fresh clients per day.
The company, which officially opened its doors in February 2019, has no physical locations, and its main financial technology infrastructure is safely housed in the cloud.