TymeBank is a digitally-driven bank based in South Africa that was founded in 2015. As a fully licensed bank, its mission is to provide accessible and affordable financial solutions through its innovative digital platforms. By leveraging mobile phone and online banking, TymeBank has disrupted traditional banking paradigms with its low-cost structures and scalable solutions. As of 2024, the bank boasts over 10 million customers, making it one of the fastest-growing banks in South Africa and achieving profitability faster than many of its global peers.
| Attribute | Information |
|---|---|
| Founding Date | 2015 |
| Headquarters | Johannesburg, South Africa |
| Founders | Coenraad Jonker |
| Revenue | SG $215 million (annual run rate in 2023) |
| Profits | Achieved profitability in December 2023 |
| Key Investors | African Rainbow Capital, Norrsken22, Blue Earth Capital |
| Industry | Banking, Financial Services |
| Number of Employees | Approx. 300 |
TymeBank began its journey as part of a project at Deloitte Consulting in partnership with the telecommunications provider MTN Group. This initiative aimed to deliver a technological solution for various banking services in South Africa. TymeBank went on to become a standalone business in 2012 and in 2015 it became a fully licensed bank in South Africa, acquiring the country’s first new banking license in over 17 years. A pivotal moment in its early history was the acquisition by Commonwealth Bank of Australia, before transitioning to a majority black-owned operation under African Rainbow Capital.
TymeBank has been praised for its comprehensive digital banking solutions that cater to a broad spectrum of the population, including those who were previously unbanked. Notable achievements include:
TymeBank is positioned as a leader in the digital banking sector within South Africa. It offers a range of services including savings accounts, lending products, and innovative digital solutions focused on ease of access and cost-efficiency. TymeBank's business model heavily relies on minimizing operational costs through cloud-based technologies and strategic retail partnerships, providing competitive advantages over traditional banking structures.
TymeBank's rapid rise in the South African banking sector illustrates its successful disruption of traditional banking norms. With its significant customer base growth, profitability, and continued innovation in product offerings, TymeBank is poised to expand further into international markets. As it continues its efforts to provide accessible banking solutions in emerging markets, its trajectory suggests enhanced global influence and potential industry leadership in digital banking solutions.