TymeBank Is Now Signing Up Over 300 000 Customers A Month In SA And Philippines

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TymeBank Is Now Signing Up Over 300 000 Customers A Month In SA And Philippines
Credit: © Reuters.

TymeBank is onboarding more than 300 000 customers a month in both South Africa and the Philippines, according to its majority shareholder, African Rainbow Capital (ARC), which is owned by billionare Patrice Motsepe.

ARC said Tyme (including TymeBank and GoTyme) has an annual revenue run rate of over R1.9 billion.

The company added that across its two markets – South Africa and the Philippines – the business is growing at a pace of 300,000 new customers a month as it works to provide consumers, particularly the underserved and financially excluded portion of the population, quality financial services.

TymeBank now serves over 7 million customers since its launch in February 2019, with a current monthly acquisition rate of 188,000 customers.

“The bank registers an average of 23 million monthly transactions and a 70% 30-day account activity rate,” said ARC.

“The focus remains on profitability in the coming months.”

GoTyme in the Philippines launched in October 2022 in partnership with the Gokongwei Group and is currently exceeding its business plan targets, said ARC.

As part of a recently concluded pre-Series C capital raise, Tyme has successfully secured two new international investors – Norssken22, an international tech growth fund, and Blue Earth Capital, an independent global impact investment firm. New and existing shareholders invested a total of $77 million in this raise.

ARC followed its rights and is still in control of the Tyme Group.

The funds raised are intended to further operations in South Africa and the Philippines and for possible future expansion.

The Series C capital raise is currently underway with several potential investors and is expected to close later this year.

Also read: SA’s Digital Bank Tyme Bags R1.5 Billion Investment For Expansion

Coen Jonker TymeBank CEO Tyme, one of the fastest growing digital banking groups globally, has successfully secured two new international investors as part of its pre-series C capital raise launched in January this year.

This comes as the group’s South African flagship, TymeBank, celebrates its 7 million customer milestone this month (12 May 2023).

TymeBank’s hybrid model of digital banking and physical service has made banking accessible to South Africans across the economic spectrum. The bank has well established partnerships with national retailers Pick n Pay and Boxer, leading fashion retailer TFG (The Foschini Group), as well as the largest church in South Africa, the Zion Christian Church. In 2022 TymeBank acquired award-winning fintech, Retail Capital, which has already provided more than 43 000 business owners in South Africa with over R5.5 billion in working capital, making it the largest SME funder of its kind in the sector. TymeBank continues to make a real difference in the lives of consumers with its low-cost banking offering, high levels of customer satisfaction, and the successful introduction of several products and services.

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