Photo Credit: GoTyme Bank
Singapore-headquartered Tyme Group said it generated US$160.3 million in annualized revenue run rate through 2023. Its South African arm TymeBank hit profitability, making it the fastest standalone digital bank to do so, the fintech major said.
Furthermore, TymeBank has attracted 8.5 million customers since its launch in February 2019. It also reported a 30% growth in its SME lending portfolio for 2023.
Tyme Group’s Philippine venture GoTyme Bank, meanwhile, has garnered 2.3 million customers in 14 months, outpacing its South African counterpart. GoTyme Bank is a joint effort with Philippine conglomerate Gokongwei Group.
Founded in 2012, Tyme Group is a multicountry digital banking group catering to emerging markets. The group plans to launch cash advance products for SMEs in Vietnam.
It also plans to offer “the most affordable banking offering in the market” with a cost structure of around 10% of the incumbents, the company said.
Additionally, Tyme Group raised US$77.8 million in a pre-series C round in 2023. The group aims to become a top-three retail bank in all the markets it is present.
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Editing by Miguel Cordon and Dhania Putri Sarahtika
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