Tyme Group
Overview
Tyme Group is a multi-country digital banking organization, founded in 2019. It focuses on providing innovative financial services across emerging markets. Initially established in South Africa, Tyme Group has quickly expanded its operations to the Philippines with plans to grow its presence further into Southeast Asia, including Vietnam and Indonesia. The company operates from its global headquarters in Singapore and has a technology development hub in Vietnam. Coen Jonker co-founded the company, which has become a prominent player in digital banking with significant investments from notable fintech entities like Nubank.
Recent Developments
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In December 2024, Tyme Group raised $250 million in a Series D funding round led by Nubank, with a valuation reaching $1.5 billion, achieving unicorn status. This funding, marking the largest fintech raise in Southeast Asia for the year, is aimed at facilitating Tyme Group’s expansion into new markets, such as Vietnam and Indonesia, and enhancing its digital banking services (TechCrunch, Reuters).
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Tyme Group plans to open operations in Vietnam by rolling out traditional banking products beyond its existing merchant lending services by 2025. Concurrently, plans to launch in Indonesia focus on offering merchant cash advances while pursuing a full banking license (Reuters).
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In October 2024, TymeBank reported a customer base reaching 10 million, making it the fastest-growing bank in South Africa based on customer deposits, reaching nearly R7 billion (FFNews).
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A partnership with Indonesian Finfra was announced in October 2024 to drive embedded lending in Indonesia, leveraging Finfra's infrastructure to support this strategic initiative (DigitalNewsAsia).
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TymeBank's growth trajectory includes the relaunch of its credit card offerings in South Africa and a focus on tapping a more affluent customer segment through an improved banking app experience scheduled for the end of 2024 (FFNews).
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2019 |
| Headquarters | Singapore |
| Founders | Coen Jonker and Clive Pintusewitz |
| Revenue | SG $215 million (2023) |
| Profits | Uncommented |
| Key Investors | Nubank, M&G Catalyst Fund, African Rainbow Capital |
| Industry | Digital Banking |
| Number of Employees | Not Specified |
Early History
Tyme Group was founded in 2019 in South Africa by Coen Jonker and Clive Pintusewitz with the vision to build a digital bank that would cater to emerging markets. Initially growing out of its South African roots through the launch of TymeBank, it quickly gained traction as the fastest-growing digital bank with user-friendly financial solutions. The approach involved a hybrid model that combined a digital platform with physical customer interactions through partnerships with local retailers, which helped it reach underserved and unbanked populations.
Company Profile and Achievements
Tyme Group’s business model centers around a customer-centric approach, integrating digital banking with physical experiences in partnership with nationwide retailers. This strategy allows it to offer affordable and innovative banking solutions at a lower cost than traditional banks. Here are some major achievements:
- 2019: Launched TymeBank in South Africa, which has become one of the fastest-growing digital banks worldwide, attaining over 10 million users.
- 2022: Expanded to the Philippines with GoTyme Bank, in partnership with the Gokongwei Group.
- 2024: Achieved unicorn status following a Series D funding round led by Nubank, elevating its valuation to $1.5 billion.
- Leveraged partnerships, such as with Indonesian Finfra, to drive financial inclusion through embedded lending in new markets.
- Plans for an IPO by 2028, with a primary listing in New York and a secondary listing on the Johannesburg Stock Exchange.
Current Operations and Market Position
As of December 2024, Tyme Group operates primarily in South Africa and the Philippines, serving about 15 million customers. The group's digital banking services include traditional checking and savings accounts, debit cards, and innovative financing solutions like Buy Now Pay Later schemes and cash advances. Its competitive advantage lies in its hybrid banking model, effectively merging digital and physical banking experiences to maintain a low cost and extensive reach within underserved markets, aligning with significant strategic initiatives poised for Southeast Asian expansion.
Conclusion
Tyme Group has established itself as a trailblazer in digital banking, particularly across Africa and Southeast Asia, by maintaining a robust business model and strategic partnerships. With substantial recent funding and a clear focus on expanding into emerging markets, Tyme is well-positioned to continue its innovative approach to banking. As it leverages its partnership with Nubank, Tyme is expected to drive financial inclusion further and possibly lead the digital banking space across these regions in the foreseeable future. Its strategic plans to expand into Vietnam and Indonesia and eventually pursue an IPO may solidify its standing as a leader in global digital financial services.