TymeBank, South Africa’s leading digital bank controlled by Africa’s first Black billionaire, Patrice Motsepe, has achieved a significant milestone, surpassing over 7 million customers.
This feat comes as the bank received a substantial investment of $77.8 million from its recent pre-Series-C funding round, fueling its ambitious expansion plans.
In an investment update released by African Rainbow Capital (ARC), a Black-owned company under Ubuntu-Botho Investments (UBI), TymeBank’s majority shareholder, the bank’s remarkable growth and customer figures were confirmed.
The rapid adoption of its platform in South Africa and the Philippines has propelled TymeBank to acquire an impressive 300,000 new customers per month.
Just last March, TymeBank celebrated reaching 6.2 million customers, boosted by a significant R1.92 billion ($104.4 million) investment from ARC to support the bank’s expansion endeavors.
As stated by ARC in their recent announcement, TymeBank’s annual revenue run rate now exceeds R1.9 billion ($101.5 million), solidifying its position as one of Sub-Saharan Africa’s fastest-growing digital-only banks.
TymeBank recently attracted two international investors, Norssken22 and Blue Earth Capital, who contributed approximately $77.8 million during a pre-series C funding round. This influx of capital has further bolstered the bank’s potential for growth and expansion.
Vietnam’s vibrant economy, with a GDP of $366 billion and marked by its youth and rapid growth, presents a promising opportunity for TymeBank to extend its services and address the financial needs of underserved segments.
As the bank forges ahead with its expansion strategy, it aims to fill the gaps in financial services and provide accessible banking options to the population.
The bank’s recent achievement is a testament to its commitment to driving financial inclusion across Africa and beyond.