TymeBank Now Has 5 Million Customers

TYMEBANK, one of South Africa’s digital banks, has attracted 5 million customers as of 30 June 2022. The digital bank owned by billionaire Patrice Motsepe was launched in February 2019.

“While progress continues to be made on customer acquisitions, the bank is placing increased focus on tracking customer activity and ensuring new product rollouts,” African Raibow Capital Investments informed investors today.

“The bank is continuously adapting its product set to reflect the changing needs of customers, which includes diversifying the customer base.”

TymeBank has no monthly banking fees and in most cases, transaction costs are 30 to 50% lower than what customers would pay at other banks.

ARC FSH invested an additional R303 million into TymeBank and Tyme Global during the year as part of the capital requirements for the bank.

At 30 June 2022, the ARC Fund had an effective interest of 25% in TymeBank, in the form of 49.9% of the 50.1% interest held by ARC FSH in TymeBank.

TymeBank is a digital bank that leverages the use of digital technology to make banking simple and affordable.

TymeBank announced its intention to acquire Retail Capital, a leading fintech funder of small and medium enterprises (SMEs), subsequent to year-end.

The deal is still subject to regulatory approvals. This acquisition will support TymeBank’s offering to its business banking clients.

It will also see Retail Capital’s lending expertise being combined with TymeBank’s deposit base and operations to serve a broader customer base.