South Africa-based fintech, TymeBank, has grown its customer base by 7%, increasing from 10 million to 10.7 million, according to an interim financial report for the six months ending December 31 2024.
Tyme Bank, which became Africa’s 9th unicorn following a $250 million Series D funding round in December 2024 – valuing the company at $1.5 billion – first reached the 10 million customer milestone in October 2024.
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TymeBank boasts 15 million users with 10 million users in South Africa alone.https://t.co/AHNVVzKFeJ @tymebankza pic.twitter.com/nYmI24AzSp
— BitKE (@BitcoinKE) December 18, 2024
Meanwhile, the bank’s total deposits now stand at nearly R7 billion ($54.97 million), according to the report published by African Rainbow Capital (ARC), which holds a 57.7% stake in the digital bank.
The bank is part of the Tyme Group, founded in 2019, with a hybrid digital banking model that integrates online banking with physical service points, specializing in developing and scaling digital banks in emerging markets.
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Tyme Bank offers services such as:
- Checking and savings accounts with debit cards
- Credit through buy now pay later (BNPL) schemes, and
- Cash advances.
Back in December 2024, Tyme Bank said it had a customer base of 15 million across its two key markets:
- South Africa (Tyme Bank)
- The Philippines (GOtyme Bank)
Tyme Global, headquartered in Singapore, serves as the holding company for launching multi-country banks. The first of these was TymeBank in South Africa, followed by GOtyme Bank in the Philippines, which launched in November 2022 and surpassed five million customers by December 2024.
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TymeBank is not just a digital bank but a hybrid bank, which is one of the factors for its success. Its so-called ‘phygital’ operating model, which integrates digital banking… pic.twitter.com/w0lkVq01ot
— BitKE (@BitcoinKE) October 5, 2024
ARC also noted a structural change in the oversight of TymeBank and Tyme Global. Previously represented as a single holding due to their shared ownership, strategy, and management framework, the two entities are now evaluated separately following the successful completion of the Series D funding round.
ARC noted TymeBank’s strong strategic partnerships with leading retailers and fintech players, including:
- TFG, Boxer
- Pick n Pay, and
- Kazang
as indicative of growth. It also emphasized its focus on expanding its lending portfolio to enhance revenue-generation capabilities.
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Looking ahead, the group is preparing for further expansion into Vietnam, which also serves as its technology and development hub. It has already begun offering merchant cash advances in the country, starting in the second quarter of 2024.
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