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Banking News

TymeBank has reached a major milestone, becoming South Africa’s first digital bank to achieve profitability.

As of September 2024, the bank reported what is called ‘sustainable profit levels’, less than five years after its February 2019 launch.

With over 10 million customers and a 74% activity rate across its client base, TymeBank continues to grow its lending book and deposit base.

This great (but also slightly sad) achievement highlights its strong position in the digital banking sector compared to some others. Its amazing how long it takes to start making money.

Looking ahead, Tyme Group is pursuing some pretty ambitious plans for the future.

The bank is preparing for a Series D capital raise to boost profitability and support expansion into new markets. Valued at $1 billion (R18 billion), the group aims to list TymeBank on the New York Stock Exchange by 2028, with a secondary listing on the Johannesburg Stock Exchange.