The Tyme Group boasts a combined customer base of 12.4 million in South Africa and the Philippines, comprising 9.2 million TymeBank customers and 3.2 million GoTymeBank customers.
The group consistently onboards around 450,000 new customers monthly, with 250,000 joining GoTymeBank in the Philippines,and 200,000 opting for TymeBank in South Africa.
Tyme’s annualised gross revenue run rate stands at $175 million, with an annualised net operating income tracking at $110 million.
The combined deposit base amounts to $600 million, complemented by a $165 million lending portfolio.
TymeBank anticipates achieving sustained profitability by June 2024, having broken even in December 2023, which sets the stage for further growth and enhanced profitability, leveraging its robust operating leverage.
Meanwhile, GoTymeBank is forecasted to reach breakeven in the fourth quarter of 2025. Retention rates and transactional activity continue to demonstrate robust growth in both markets.
Recently, GoTymeBank completed the acquisition of Savii, a salary-based lender in the Philippines, securing 100% ownership. This strategic move enables GoTymeBank to broaden its range of lending and financial products, accelerating its path to profitability.
Furthermore, GoTymeBank shareholders have increased their stake in the bank, resulting in Tyme Group’s economic interest surpassing 50%. These developments, alongside the strong growth trajectory, augur well for GoTymeBank’s future.
TymeBank is strategically expanding its SME lending offerings through its merchant cash advance product, notwithstanding prevailing economic challenges. Moreover, it is venturing into unsecured consumer lending, leveraging its expanding deposit base.
Having concluded the Series C capital raise in January 2024, Tyme has initiated its Series D capital raise to bolster GoTymeBank’s journey to profitability and bolster TymeBank’s lending portfolio.
Also read: GUGU LOURIE: With Filipino partners, Motsepe’s Tyme is poised to expand into Southeast Asia
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.
