TymeBank has reached 10 million customers, less than six years since inception, as the digital-only bank’s small business finance service continues to grow.
According to a statement, the bank has disbursed more than $600 million (R12 billion) in funding to over 80 000 small businesses in SA.
The acquisition of Retail Capital, a fintech firm that provides funding to small and medium businesses in SA, has been integral to the development of the bank’s SME lending offering, it says.
In 2022, TymeBank reached an agreement with Retail Capital and its shareholders to acquire 100% of the fintech SME funder’s shares.
The bank says it has also seen almost R7 billion in customer deposits since inception.
Karl Westvig, CEO of TymeBank, states: “We’d like to thank our 10 million customers for choosing us. This achievement is a testament to our team's dedication to providing equitable banking that meets the evolving financial needs of South Africans and empowers them to achieve financial freedom.”
According to Westvig, the bank broke even in record time, while serving the poorest communities of SA.
The bank reached profitability in January, less than five years since it launched to the public.
TymeBank, part of the Tyme Group, which is currently valued at close to $1 billion ($17.2 billion), attributes its success to its customer-centric approach, innovative technology and strategic partnerships.
As the bank looks to increase its market share locally, it says its immediate priorities include improving the customer service experience and further developing its mobile app to attract a more affluent customer segment.
The bank says it has developed artificial intelligence (AI) tools to accurately predict a customer’s credit worthiness through monitoring patterns such as grocery spend.
TymeBank has over 1 000 kiosks and 15 000 retail points across the country.
Tyme Group, now with over 14 million customers globally, is preparing to launch in Indonesia – the largest economy in Southeast Asia − this month.
This comes after the successful launch of GoTyme Bank in the Philippines in October 2022, and its entry into Vietnam earlier this year.