South African digital bank, time bankhas surpassed the milestone of 10 million users in less than six years since its launch in 2019.
The first digital bank in Africa to become profitable, the bank currently holds nearly R7 billion (US$402.5 million) in customer deposits and will be South Africa’s fastest growing bank by deposits in 2024. It is one of the largest banks in the world.
TymeBank has also lent more than US$600 million (R12 billion) to more than 80,000 SMEs across the country, with growth fueled by the acquisition of Retail Capital, a fintech company that provides financing to SMEs. Ta.
This acquisition helped TimeBank increase its small and medium-sized business lending capabilities.
TymeBank attributes its rapid growth to its customer-focused approach, advanced technology, and strategic partnerships.
The company’s “physical” model, which combines digital banking with physical retail partnerships, has allowed it to expand its presence through partnerships with major retailers such as Pick n Pay, Boxer, and TFG.
carl westvigRecently appointed as CEO, he is leading the bank into the future with a priority of improving customer service and strengthening the bank’s apps to attract a broader customer base.
The bank is also focused on expanding consumer lending, using AI tools to predict creditworthiness based on spending patterns.
Looking to the future, Tyme Bank’s parent company, Tyme Group, Preparing to expand into Indonesiamarks the fourth market.
Time Inc. will launch a merchant cash advance solution for small owner-operated businesses in Indonesia, a product that has reportedly been successful in other markets.
This expansion follows the previous Time Launched as GoTyme Bank in the Philippines As of August this year, it has already attracted 3 million users and deposits of P17.3 billion.
“One of our most important accomplishments is that we have brought our business to break-even in perhaps record time, while serving the poorest members of our communities, a feat that It has the potential to transform what banks around the world 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 fair banking services that meet the evolving financial needs of South Africans. ”
Karl Westvig, CEO of Timebank, said:
This article was first published on fintech news africa.
Featured image credit: Edited from freepic
