Tyme Bank hit 10.7 million customers in December 2024, a 7% increase in 3 months

South Africa-based fintech Tyme Bank has recorded a 7 per cent increase in its customer base from 10 million to 10.7 million. This is according to an interim financial report for six months to 31 December 2024 published by African Rainbow Capital (ARC), the company in control of Tyme with a 57.7 per cent stake.

The digital bank, which became Africa’s ninth unicorn with a $250 million Series D funding round in December that valued it at $1.5 billion recorded a 10 million customer base in October 2024. 

On another major milestone, Tyme Bank has deposits totalling close to R7 billion.

The report noted that the combined value of Tyme Group was reduced as a result of the investment by Sanlam dropping from $215.8 million on 30 June 2024, to $189.9 million as of December 2024 while the group has a net net fair value gains of $1.4 million.

In total deposits, the company experienced a rise from $347.1 million in June 2024 to $380.2 million for the period in review while net advances increased from $104.6 million to $127.7 million.

“TymeBank also maintains one of the highest net promoter scores in the industry, reflecting strong customer satisfaction. Leveraging technology to drive growth and operational efficiency, TymeBank is making rapid progress toward sustainable monthly profitability.” ARC states.

Initially, TymeBank and Tyme Global were represented as a single holding due to their shared ownership, strategy, and management frame. Due to restructuring, ARC noted that following the successful completion of a $250 million Series D funding round led by Nubank, the oversight and evaluation of TymeBank and Tyme Global have been separated for the period ending 31 December 2024.

“TymeBank is a leading digital bank that has shown consistently higher growth in customer onboarding compared to international peers,” says ARC.

As part of this capital raise, the ARC Group proportionally took up more shares in Tyme Bank SA than in Tyme Global to better align shareholder interests. 

Also Read: TymeBank becomes Africa’s 9th unicorn with a $250m raise and $1.5bn valuation.

Tyme Bank’s future outlook – investment in AI and Data Analytics

ARC explained that the Tyme Bank continues to invest in long-term strategic initiatives. These include advanced data analytics and artificial intelligence aimed at developing innovative products, driving higher activity rates, and promoting customer experience.  

“While these investments may create some short-term pressure on profitability, they are critical to strengthening the bank’s competitive position and ensuring sustained growth over the long-term.”

The company noted that TymeBank has built strong strategic partnerships with major companies and fintech players in the industry, including TFG, Boxer, Pick n Pay, and Kazang. It added that the bank remains focused on expanding its lending portfolio to further strengthen its revenue-generating capabilities.

“However, the bank’s valuation was conservatively adjusted downward by $17.8 million to reflect the price at which the Series D capital raise was completed in December 2024.”

Tyme Global is headquartered in Singapore and serves as the holding company for the launch of multi-country banks. The first of these banks is TymeBank in South Africa, followed by GOtyme in the Philippines. GOtyme Bank launched in November 2022 and reached a milestone of five million customers by December 2024. 

Notably, the Africa subsidiary has been a key driver of Tyme’s growth where it has racked up more than 10.7 million customers. 

In June 2024, GOtyme Bank acquired Savii, a payroll lender in the Philippines. ARC explained that the acquisition will allow the bank to utilize its growing deposit base to enter the lending market through a well-established and proven lending model.

According to Jonker, the fintech firm has more than 15 million customers across the group and plans to expand further into Vietnam next year. However, it started offering merchant cash advances in the country during the second quarter.