Our investment helped TymeBank apply its digital-first model to deliver affordable financial services to 10 million underserved customers.
Financial inclusion in South Africa remains a challenge. According to the World Bank’s Global Findex Database 2021, while 85 per cent of adults in South Africa have a bank account, most use them rarely, and don’t have access to essential services such as credit, insurance or savings products. The remaining 15 per cent, an estimated 7 million adults, are unbanked.
TymeBank launched in South Africa and has a growing presence in emerging markets. Instead of physical branches, it relies on a banking app. It has a partnership with retail chains where customers open their accounts through Tyme’s proprietary, in-store kiosk and can deposit and withdraw cash. Tyme’s business model means it can offer its customers lower fees, higher savings rates and lower interest rates compared with other banks. According to a customer survey, around 70 per cent reported an increase in their quality of life.
We were an early investor in the company back in 2021, and our investment helped the bank to grow its customer base and scale its banking and lending operations. To date, Tyme has issued affordable bank accounts to more than 10 million people in South Africa – most of whom had no access to high-quality financial services before. Following the success of the model in South Africa, Tyme has already replicated the same in the Philippines, with over 5 million customers.
In 2024, the company secured a groundbreaking $250 million investment, including $150 million from NuBank, one of the world’s largest digital financial service platforms. This will help transform TymeBank into a truly global digital bank.
Caption: 70% of TymeBank customers report improved quality of life.
