Digital bank backed by Africa’s first Black billionaire hits 12.4 million customers in South Africa, Philippines

Feyisayo Ajayi -

Key Points:

  • Tyme Group surpasses 12 million customers across South Africa (TymeBank) and the Philippines (GoTymeBank).
  • The group achieves profitability, driven by strong customer acquisition (450,000 monthly) and strategic acquisitions like Savii in the Philippines.
  • Tyme secures $110 million, targets further growth in Philippines with GoTymeBank’s Series D funding and aims for profitability by Q4 2025.

Tyme Group, the multi-country digital banking group backed by Africa’s first Black billionaire, Patrice Motsepe, has surpassed 12 million customers across South Africa and the Philippines. This achievement comes less than a decade after its inception and is bolstered by a significant $110 million secured in its Series C capital raise finalized in January 2024.

Customer growth and strategic acquisitions drive success

The group’s customer base now stands at over 12.4 million, with TymeBank in South Africa serving 9.2 million and GoTymeBank in the Philippines reaching 3.2 million. Tyme continues to onboard roughly 450,000 new customers monthly, driven by its innovative “phygital” approach that combines digital channels with physical touchpoints through strategic partnerships.

As South Africa’s digital banking pioneer, TymeBank has exhibited strengthening retention rates and rising transactional activity, fostering a healthy and growing customer base. The group achieved profitability in December 2023 and targets sustained profitability by June 2024.

To solidify its market position in the Philippines and enhance shareholder value, GoTymeBank acquired Savii, a salary-based lender, in a strategic move expected to broaden its product offerings and accelerate profitability.

Looking ahead: Continued growth and profitability

Patrice Motsepe, worth $2.8 billion, is Southern Africa’s richest Black billionaire and ranks 1,203rd on Forbes’ list. His company, African Rainbow Capital, has a major stake in Tyme Group. Backed by Motsepe, Tyme Group is poised for growth and profitability, offering accessible banking options across its markets.

In an update from African Rainbow Capital (ARC), Tyme Group reported an annualized gross revenue run rate of $175 million and net operating income of $110 million. The group’s deposits total $600 million, with a lending portfolio of $165 million.

Tyme Group has launched its Series D funding round to support GoTymeBank’s expansion and profitability goals by the end of Q4 2025. Shareholders have increased their stake in GoTymeBank, pushing the Group’s economic interest over 50 percent.