South African digital bank, TymeBank, has surpassed the milestone of 10 million users just under six years after its launch in 2019.
The bank, which is the first digital bank in Africa to reach profitability, now holds close to R7 billion (US$402.5 million) in customer deposits, making it one of the fastest-growing bank in South Africa based on deposits for 2024.
TymeBank has also disbursed over US$600 million (R12 billion) to more than 80,000 small businesses across the country, a growth boosted by the acquisition of Retail Capital, a fintech company that provides funding to SMEs.
This acquisition has been instrumental in driving TymeBank’s SME lending capabilities.
TymeBank attributes its rapid growth to its customer-focused approach, advanced technology, and strategic partnerships.
Its ‘phygital’ model, combining digital banking with physical retail partnerships, has allowed it to expand its presence through collaborations with major retailers such as Pick n Pay, Boxer, and TFG.
Karl Westvig, who was recently appointed as CEO, leads the bank as it looks to the future, with priorities focused on improving customer service and enhancing its banking app to attract a broader customer base.
The bank is also focusing on expanding its consumer lending, using AI tools to predict creditworthiness based on spending patterns.
Looking ahead, TymeBank’s parent company, Tyme Group, is preparing to expand into Indonesia, marking its fourth market.
In Indonesia, Tyme will launch its merchant cash advance solution for small owner-managed businesses, a product that has reportedly seen success in other markets.
This expansion follows Tyme’s earlier launch in the Philippines as GoTyme Bank which has already raked up 3. million users and PHP 17.3 billion in deposits as of August this year.
“Among our most significant achievements has been getting the business to break even, arguably in record time, while serving the poorest in our communities, a feat that has the potential to change what banks worldwide can do to provide access to customers across the economic spectrum.
Reaching 10 million customers is a testament to our team’s dedication to providing equitable banking that meets the evolving financial needs of South Africans.”
said Karl Westvig, CEO of TymeBank.
This article first appeared on Fintech News Africa.
Featured image credit: Edited from Freepik
