TymeBank Secures $9.5 Million for Southeast Asia Expansion as Global Growth Accelerates
TymeBank, a South African digital bank, has secured $9.5 million in fresh funding as it prepares to expand its footprint into Southeast Asia. The funding round was led by African Rainbow Capital (ARC), a black-controlled investment firm spearheaded by billionaire Patrice Motsepe, further solidifying TymeBank’s position as a rising force in the global fintech landscape.
This investment arrives at a pivotal time for TymeBank, which reached profitability in December 2023, a rare feat for digital banks. ARC, in a statement, praised TymeBank’s robust growth trajectory, noting that its activity rates and deposit growth exceeded expectations. The bank, which has rapidly gained traction as South Africa’s fastest-growing digital bank, is now turning heads beyond Africa as it ventures into international markets.
Leading the bank’s global expansion is its Singapore-based holding company, Tyme Global. In Southeast Asia, TymeBank has already made significant progress, especially in the Philippines through its local venture, GoTyme. Since its launch in November 2022, GoTyme has amassed 3.58 million customers, and profitability is expected by late 2025. The Philippines serves as a launchpad for TymeBank’s entry into Indonesia, planned for the end of 2024.
Despite its ambitious international agenda, TymeBank remains focused on its core market in South Africa, where it has continued to strengthen its position. Over 50,000 small and medium-sized enterprises (SMEs) benefit from the bank’s lending products. TymeBank has leveraged its partnerships with major retailers such as Pick n Pay, Boxer, and The Foschini Group (TFG) to establish the largest cash-in and cash-out network in South Africa. By the end of June 2024, the bank reported a 59% increase in deposits, reaching R6.5 billion, while merchant credit advances grew to R1.8 billion. With over 9.5 million customers, TymeBank is on track to surpass 10 million in the next quarter.
Operationally, the bank’s technology-driven approach has resulted in a significant rise in net operating income, which tripled year-on-year, while costs grew by just 10%. Having reached profitability in December 2023, the bank expects sustained financial success in the coming months.
Looking forward, TymeBank has set its sights on raising $150 million in a Series D funding round, moving it closer to unicorn status. CEO Coenraad Jonker has also outlined plans for a potential dual public listing on the New York Stock Exchange (NYSE) and the Johannesburg Stock Exchange (JSE) by 2028. This move is expected to provide additional capital and global recognition, supporting the bank’s continued growth and expansion.
With strong backing from ARC and a clear roadmap for international growth, TymeBank is poised to become a key player on the global fintech stage, showcasing the potential of African startups to compete and succeed in international markets.
