TymeBank, one of the fastest-growing digital banks globally, has reported an 11.8% increase in customers, bringing its total to 9.5 million as of 30 June.

The bank, owned by African Rainbow Capital Investments, boasts the largest cash-in and cash-out network in South Africa, thanks to partnerships with major retailers like Pick n Pay, Boxer, and The Foschini Group (TFG).

Additionally, TymeBank revealed a 59% surge in deposits, reaching R6.5 billion, while merchant credit advances climbed to R1.8 billion.

The bank’s diverse range of banking products offers customers excellent value, creating multiple avenues for growth.

With technology driving operational efficiency, TymeBank’s net operating income tripled year-on-year, while costs only rose by 10%.

Having reached breakeven in December 2023, the bank expects sustained profitability in the near future.

Global expansion

Tyme Global, its Singapore-based holding company, continues to lead multi-country expansion efforts.

GoTyme, its venture in the Philippines, launched in November 2022, had gained 3.58 million customers by June 2024.

The bank noted that GoTyme’s growth is outpacing expectations, with higher-than-anticipated activity rates and rapid deposit growth.

In November 2023, the Retail Capital Merchant Cash Advance product was introduced, followed by GoTyme’s acquisition of Savii, a payroll lender in the Philippines, in June 2024 to capitalize on its growing deposit base.

GoTyme is projected to reach profitability by the fourth quarter of 2025. Expansion continues into Vietnam, where TymeBank is piloting its merchant cash advance product and finalizing partnerships with local firms.

GUGU LOURIE: With Filipino partners, Motsepe’s Tyme is poised to expand into Southeast Asia

BL Premium

12 October 2023 – 05:00

by GUGU LOURIE

The inspiring story of the late businessman, philanthropist and conservationist Anton Rupert is that of a boy from the Karoo who grew up during the Great Depression and struggled to raise enough money to study science at university. Rupert’s Rembrandt Group became known around the world, owning brands such as Cartier, Dunhill, Rothmans and Montblanc.

Within a few decades, the Rupert family dynasty was built, loved by some and hated by others in SA.

Authors of Anton Rupert: A Biography, Ebbe Dommisse and Willie Esterhuyse wrote a telling line in their book: “You know, Mr Erasmus, the best training school for an accountant is poverty!”

Did poverty inflicted on blacks in apartheid SA help Patrice Motsepe, the owner of Tyme, understand how to make money?

It seems so, and he has also learnt from the Ruperts.

When Motsepe decided to globalise his innovative digital bank he partnered with the “Ruperts of the Philippines” who understand the country’s nuances.

The Filipinos Motsepe partnered with are the Gokongwei family, whose company is headed by tycoon Lance.

In March Lance started a spending spree of $1.3bn (R24bn), betting on banks, airlines and hotels.

Lance’s family business JG Summit is stepping up its investments in the Philippines and other key markets in Southeast Asia. JG Summit, one of the largest and most diversified conglomerates in the Philippines, is also involved in food manufacturing, petrochemicals and telecommunications.

The company was founded in 1954 by the late billionaire John Gokongwei as a maize starch factory. After the death of their father in 2019, Lance and his sisters — Robina, Lisa, Faith, Hope, and Marcia — inherited his fortune.

So far, it appears that Motsepe has chosen the right partners, as he did with Sanlam.

In October 2022, Motsepe’s Tyme launched GoTyme Bank in the Philippines. The digital bank is gaining about 200,000 Filipino customers every month, like its sister company TymeBank in SA, which has reached a milestone of 8-million registered customers.