TymeBank, South Africa’s leading digital bank, controlled by billionaire businessman Patrice Motsepe, has achieved a remarkable milestone by reaching 8 million customers less than five years since its inception, bolstered by its unique “phygital” approach and strategic partnerships.
This achievement follows closely on the heels of the bank surpassing the 7 million customer mark just four months ago, signaling a meteoric rise in its customer base. TymeBank has now set its sights on expanding its footprint beyond South Africa and into the promising Vietnamese market.
The move into Vietnam is driven by the country’s vibrant economy, boasting a GDP of $366 billion and characterized by a youthful population and rapid economic growth. TymeBank sees this as an opportunity to provide financial services to underserved segments in Vietnam.
TymeBank’s ‘phygital’ model, which combines a digital presence with kiosks in major retailers, has been a key driver of its recent success. The bank’s partnership with The Foschini Group (TFG), a leading retail clothing group with 28 million members, has significantly contributed to its growth.
Since joining forces with TFG, TymeBank has expanded the number of kiosks to 600, spanning 22 TFG brands, effectively extending TymeBank’s reach across South Africa. This underscores its commitment to innovation, accessibility, and addressing the financial needs of diverse communities.
To fortify its expansion plans, TymeBank recently secured $77.8 million in funding during a pre-series C funding round, attracting international investors Norssken22 and Blue Earth Capital. This fresh capital injection bolsters the bank’s growth potential, positioning it for further expansion.
TymeBank is partially owned by ARC Financial Services Holding, a Black-owned and -controlled company operating under Ubuntu-Botho Investments (UBI), a holding company founded by Patrice Motsepe.
According to Forbes, Motsepe presently boasts a net worth of $2.2 billion, making him the richest Black billionaire in Southern Africa and one of the world’s Black billionaires. He currently holds the 1,371st position on Forbes’ richest list.
