TymeBank, South Africa’s innovative digital banking platform, has accomplished a significant milestone by securing a substantial customer base of 7 million. The firm proudly reports that its growth is not stagnant, with an average of 200,000 new account holders enrolling each month. Of those, an impressive 70% remain active users within 30 days of registration.
Further good news comes as TymeBank also reports a recent successful funding round, which saw the inclusion of two distinguished international investors. These are Blue Earth Capital, a worldwide investment heavyweight, and Norrsken22, a prominent growth fund focusing on technology in Africa. With these additional resources, the total funds injected into TymeBank by its shareholders have swelled to an impressive $77.8 million.
This financial boost is expected to robustly enhance the bank’s operations not only within its South African market but also in its ventures in the Philippines and across the wider Southeast Asian region.
Coen Jonker, the co-founder of Tyme and incumbent CEO of TymeBank, articulated his optimism that the strategic alliances with these new investors would be crucial in realizing their vision to democratize financial services. African Rainbow Capital (ARC) retains its position as the majority shareholder of Tyme.
Known for its competitive low-fee structure and strategic partnerships with prominent retail entities such as Pick n Pay, Boxer, The Foschini Group, and the largest religious institution in South Africa, the Zion Christian Church, TymeBank has positioned itself as a formidable player in the banking industry. This success is reflected in its customer base growth, indicative of how effectively the bank has catered to consumers’ needs.
“TymeBank has shifted from being a fresh face and industry disruptor to being a respected competitor against traditional banks within South Africa,” said the bank.
The model of TymeBank has already begun making waves internationally, as demonstrated by the launch of GoTyme in the Philippines in October 2022. TymeBank believes that this endeavor has positively impacted financial accessibility for Filipino consumers by providing high-quality, affordable, and accessible financial service solutions.
Beyond the Philippines, the firm is extending its reach by establishing a product development and engineering hub in Vietnam, staffed by a team of highly skilled individuals. TymeBank‘s global operations are steered from its headquarters in Singapore, where strategic planning, business development, data analytics, and Artificial Intelligence (AI) functions are centered.
David Moore, the principal of funds at BlueEarth, spoke of their decision to invest in TymeBank as a move to foster financial inclusion while simultaneously securing attractive commercial returns. Moore lauded TymeBank for its role in providing affordable access to banking services, particularly for consumers in remote or vulnerable locations.
Natalie Kolbe, a Managing Partner at Norrsken22, remarked that TymeBank‘s unique product and wide customer appeal have resulted in fast and sustained growth.
