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TymeBank has signed up its 3-millionth customer since its launch in February 2019, Tech Financials reported. TymeBank is a South African digital bank majority-owned by billionaire mining tycoon Patrice Motsepe.
The bank, which has no monthly charges and low transaction costs, said it onboarded between 100,000 and 120,000 customers per month, or 3,000 to 5,000 new customers each day.
“With our focus on lower transaction costs and giving value to our customers, we can proudly say that we have enabled 100 million free transactions to date, which is timely given the current climate. This, plus the fact that we have never asked a customer to complete any paperwork, saves our customers money and makes their banking experience quick and convenient, right from the start,” TymeBank CEO Tauriq Keraan said.
TymeBank is a fintech startup with no branches. Its core banking technology platform is hosted in the cloud. “Customers earn up to 8 percent with our GoalSave product, which is the highest interest rate they can earn with immediate access to their savings and without any penalties,” Keraan said.
In February, TymeBank raised $110 million in private capital to expand in South Africa and the Philippines in partnership with JG Summit, a leading Fillipino conglomerate. Reuters reported that the partnership enabled the bank to apply for a local digital bank license to expand into the Asian country.
Apis Partners, a private equity fund, was the funding round principal, alongside other investors, including JG Summit.
TymeBank co-founder and Executive Chairman Coen Jonker said “the future of digital banking in emerging markets is multi-country, to actually build a banking group where there is enough critical mass of customers.”
The milestone is the latest feather in the cap of Motsepe, who was recently elected as the president of the Confederation of African Football.
