TymeBank raises ~$109 million

South African digital bank TymeBank , owned by African Rainbow Capital (ARC),  has secured ~$109 million from investors based in the UK and the Philippines. This investment will come in two phases: $34 million has already been invested in the business while $75 million will be invested over the next 12 to 15 months. The new investment will allow TymeBank to further expand its range of banking products and grow its lending portfolio. The bank will also seek to enhance its propositions in insurance, credit cards, and other value-added services to customers.

Launched in 2019, TymeBank offers a transactional bank account with zero or low monthly fees and a savings product. Most TymeBank customers are on-boarded via its physical kiosk located in Pick n Pay and Boxer stores across the country. The company also offers a funeral cover underwritten by Hollard Life Assurance Company. According to the company, it now has about 2.8 million customers and is on track to reach 3 million by the end of next month. It reportedly onboards 110,000 customers every month.

“The establishment of digital banks in South Africa is in its infancy. Growth in this particular segment of financial services is only possible with investments from partners who understand and support the growth trajectory of digital banks. Our new shareholders in TymeBank have significant experience in digital financial services in key emerging markets. We certainly look forward to learning from their experience to enhance our own offering to South African customers.” – Mr Tauriq Keraan, CEO of TymeBank.

TymeBank is a member of the Tyme group of companies, which is headquartered in Singapore.