TymeBank Emerges as World’s Fastest Profitable Digital Bank
Singapore-based digital banking group Tyme has achieved significant success with its South African operation, TymeBank, becoming the world’s fastest profitable standalone digital bank, generating an annualized revenue of SG $215 million in 2023.
TymeBank has reached 8.5 million customers since its launch in 2019, positioning it in the top 5 percent of profitable digital banks globally. The Philippines operation, GoTyme Bank, also achieved rapid growth, securing 2.3 million customers in 14 months.
The rapid growth is supported by continued investor confidence, evidenced by a $77.8 million pre-Series C raise in 2023 and investments from key stakeholders, including African Rainbow Capital, Tencent, British International Investment, Apis Growth Fund II, and Norrsken22.
TymeBank’s Success
Tyme Group attributes its success to a unique strategy combining digital banking channels with a high-tech/high-touch approach. Tyme Group plans to launch its SME cash advance products in Vietnam and has relocated its corporate headquarters to Singapore, emphasizing Singapore’s role in the fintech domain.
The group’s success is seen as a testament to Singapore’s expanding role in financial innovation and technology, aligning with the Monetary Authority of Singapore’s vision to establish Singapore as a key global financial center in Asia. Tyme Group anticipates continued investor support and exceptional growth in 2024 and beyond.
“Our ambition is to become one of the top three retail banks in every market we enter, beginning with TymeBank in South Africa. Our proven track record of rapid growth, consistent product innovation and ‘firsts’, investor confidence and, now, profitability put us on track to achieve this audacious goal. This underscores Singapore’s expanding role and expertise in the fintech domain as a center for financial innovation and technology.
“Tyme is proud to be part of solidifying Singapore’s standing in the global financial landscape, as it cultivates a progressive and dynamic financial sector in line with MAS’s strategic vision”, says Coenraad Jonker, Co-Founder & Executive Chairman of Tyme Group.