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FINTECH AFRICA | South African Digital Bank, TymeBank, to Launch in Indonesia by End of 2024
South African challenger bank, TymeBank, is expected to launch in Indonesia by the end of 2024.
TymeBank, the first digital bank to break even in South Africa and the entire continent within five years of its launch in February 2019, has seemingly earmarked the South East Asian market after launching in the Philippines in October 2022 and Vietnam in January 2024.
“We see a massive opportunity with good profit potential in the small business lending space in Indonesia and the region,” Tyme Group chair, Coen Jonker, said.
“We can also build our brand faster because it takes a lot more time and money to get a full banking license and infrastructure up and running.”
Backed by:
TymeBank has raised $316 million. It is currently raising a $150 million Series D round and plans to list on the New York Stock Exchange by 2028.
TymeBank is on track to reach 10 million customers in South Africa and 5 million in the Philippines by October 2024.
“In the Philippines, we have achieved half in two years of the total customer base that we achieved in South Africa over six years, so that is an amazing growth story,” Jonker said.
At the beginning of the year [2024], the company announced it has experienced rapid year-on-year growth of approximately 30% in its lending portfolio, driven by the product, Merchant Cash Advance, which is now financing over 50,000 SMEs across the country.
According to TymeBank, its unique model, combining digital channels with in-store kiosks at major retailers, has played a crucial role in consistently acquiring approximately 150,000 customers each month.
According to Jonker, the South East Asia combination of a friendly regulatory environment and expansive potential market makes it their focus in the meantime. However, the bank will not rule out an African expansion, with Jonker saying the move is a question of ‘when and not if.’
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