• TymeBank confirms that it has achieved a significant milestone by reaching 10 million customers.
• The digital bank reached the milestone less than six years after launching in 2019.
• It is also the fastest growing bank in South Africa based on customer deposits.

TymeBank has been increasing its customer base at a rapid rate, having recently surpassed the 10 million customer mark.

To illustrate how quickly it has been signing up customers, in 2021, the digital-first bank surpassed 3 million customers.

The 10 million customer milestone is also notable as the financial institution only launched in 2019, achieving the feat in less than six years as it continues to expand its offerings and enter new regions outside of South Africa.

“We’d like to thank our 10 million customers for choosing us. This achievement is a testament to our team’s dedication to providing equitable banking that meets the evolving financial needs of South Africans and empowers them to achieve financial freedom,” newly appointed CEO, Karl Westvig, said.

“Among our most significant achievements has been getting the business to break even, arguably in record time, while serving the poorest in our communities, a feat that has the potential to change what banks worldwide can do to provide access to customers across the economic spectrum,” he added in a release shared on Hypertext.

Other key highlights linked to TymeBank’s rapid growth includes almost R7 billion in customer deposits being garnered, which makes it the fastest growing bank in South Africa for the 2024 calendar year based on this specific metric. It is a feat made all the more impressive when compared to the larger traditional banks.

It has also disbursed more than R12 billion to over 80 000 small businesses in South Africa. This thanks to the acquisition of Retail Capital, a fintech that provides funding to small and medium-sized businesses in SA, which has been noted as a game changer for TymeBank.

Looking forward, TymeBank says that its, “immediate priorities include improving the customer service experience and creating a world-class banking app experience to attract a more affluent customer segment, while broadening its offering through strategic partnerships.”  

“TymeBank has also entered the consumer lending space, supported by its innovative funding technology. The bank has developed AI tools to accurately predict a customer’s credit worthiness through monitoring patterns such as grocery spend. This is a key pillar for the bank’s personal loan proposition,” it added.

To celebrate 10 million milestone, TymeBank is running a campaign to thank some of its most loyal customers with gifts and prizes, the details of which will be publicised on the bank’s social media platform throughout the month of October.