Tyme Bank Reports Growth in Customer Base and Deposits Amid Strategic Expansion
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South African digital banking pioneer Tyme Bank has continued its upward trajectory, recording a 7% increase in its customer base, reaching 10.7 million users by December 2024. This growth, up from 10 million in October 2024, was highlighted in an interim financial report released by African Rainbow Capital (ARC), which holds a 57.7% stake in the bank.
In addition to its expanding customer base, Tyme Bank’s total deposits have surged to nearly R7 billion, reflecting growing trust among users. The bank saw an increase in deposits from $347.1 million in June 2024 to $380.2 million by the end of the year. Similarly, net advances climbed from $104.6 million to $127.7 million, marking steady progress in its lending operations.
“Tyme Bank maintains one of the highest net promoter scores in the industry, reflecting strong customer satisfaction,” ARC stated, emphasizing the bank’s commitment to customer-centric digital banking solutions.
Strategic Investments and Market Positioning
Tyme Bank, which became Africa’s ninth fintech unicorn after raising $250 million in Series D funding in December 2024, continues to make strategic investments in data analytics and artificial intelligence (AI) to enhance product innovation and improve customer engagement.
Although these long-term investments may temporarily impact profitability, ARC believes they are crucial for maintaining a competitive edge and driving sustainable growth. The firm also noted that its valuation of Tyme Bank was adjusted downward by $17.8 million following the Series D funding round, aligning with market realities.
Restructuring and Strategic Partnerships
Previously, Tyme Bank and Tyme Global were managed as a single entity due to their shared strategy and leadership. However, ARC reported that following the Series D capital raise—led by Nubank—oversight of the two units has been separated for clearer financial evaluation.
The report also highlighted Tyme Bank’s strong partnerships with industry leaders such as TFG, Boxer, Pick n Pay, and Kazang, which play a key role in expanding its financial services reach. Additionally, the bank is actively working on expanding its lending portfolio, further strengthening its revenue-generation capabilities.
A Bright Future for Tyme Bank
Despite conservative valuation adjustments, Tyme Bank remains one of the fastest-growing digital banks globally, consistently outpacing its international peers in customer acquisition. With its continued focus on technology-driven financial services, strategic partnerships, and lending expansion, the bank is well-positioned for sustained long-term growth.
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