TymeBank, one of South Africa’s digital banks, has attracted 220 000 new customer in October 2022. The digital bank owned by billionaire Patrice Motsepe was launched in February 2019.
“TymeBank continues to sustain its onboarding of new customers,” African Raibow Capital Investments informed investors today.
“In October the company reported that approximately 228 000 new customers were onboarded for the month, which represents a record level in the number of new customers onboarded in a single month. This compares to the average rate of 130 000 to 140 000 customers onboarded per month in the first half of 2022. ”
The company added that TymeBank also experienced a marked increase in the average customer activity levels.
“TymeBank maintained the momentum of onboarding new customers in November. In total, the bank onboarded 200 100 new customers. Customer activity levels were also maintained,” said African Raibow Capital Investments.
In the period under review, TymeBank announced that it has acquired Retail Capital, which is a leading Fintech funder of small and medium enterprises.
The transaction 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.
“In the last 10 years, Retail Capital has provided funding of more than R5.5 billion to more than 43 000 business owners in South Africa, making it the largest SME funder of its kind in the sector,” added African Raibow Capital Investments.
TymeBank’s international partner, Tyme Global, reported that it has successfully launched its digital bank GOtyme in the Philippines with its partners the Gokongwei family.
“The launch is the next step in Tyme Global’s international growth strategy to have a presence in select markets with the potential for high customer growth.”
Also read: TymeBank Now Has 5 Million Customers
TYMEBANK, one of South Africa’s digital banks, has attracted 5 million customers as of 30 June 2022.
“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.
