TymeBank, a South African digital bank, has marked a significant achievement by reaching eight million customers as of October 6, 2023. This milestone highlights that TymeBank now serves one in every five eligible South Africans.
CEO of TymeBank, Coen Jonker, commented, “We are pleased to have acquired eight million customers since our launch in February 2019. This reinforces our position as a rapidly growing digital bank and a credible alternative to traditional banks in South Africa. This growth aligns with our goal of becoming one of the top three retail banks in the country.”
Jonker credited this success to their ‘phygital’ model, integrating digital banking into physical retail environments. He also acknowledged partnerships with retailers like Pick n Pay, Boxer, and TFG, which have helped optimize their distribution network.
TymeBank is making significant strides in its operations, demonstrating impressive growth across South Africa and the Philippines. With a remarkable influx of 300,000 new customers each month, the company is achieving a revenue run rate surpassing $100 million annually.
This exponential rise in customer numbers serves as a testament to TymeBank’s ability to effectively address consumers’ needs. Initially emerging as a disruptor in the banking industry, the company has now solidified its position as a reliable and viable alternative to traditional banks in the country.
Cheslyn Jacobs, TymeBank’s Chief Commercial Officer, noted, “We continue to see strong demand for our proposition, appealing to a wider range of consumers. We are nearing a balance of R1 billion in our fixed deposit product.”
TymeBank’s global presence extends beyond its core operations. It maintains a product development and engineering hub in Vietnam, where innovative solutions are crafted. Additionally, its headquarters in Singapore oversees strategic initiatives, business development, data analytics, and artificial intelligence (AI) functions.
TymeBank’s international venture, GoTyme Bank in the Philippines, is progressing at a similar rate, reaching one million customers within a year of its launch.
Having just been around for a few years, TymeBank is making a strong push into business banking with several acquisitions and partnerships. Coen Jonker believes that its model enables TymeBank to serve clients who have never received adequate service in the past.
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