Digital bank TymeBank has seen a significant surge in deposits, according to results released by African Rainbow Capital (ARC) Group. The results state that deposits rose to R6.9 billion in the six-month period ending 31 December 2024.
The report also states that net advances increased from R1.9 billion to R2.3 billion in the same period. However, the bank’s valuation was adjusted downward by R324 million to reflect the price at which its latest capital raise was completed.
“TymeBank is a leading digital bank that has shown consistently higher growth in customer onboarding compared to international peers. (By) leveraging technology to drive growth and operational efficiency, TymeBank is making rapid progress towards sustainable monthly profitability,” stated the report.
TymeBank recently completed a successful $250 million Series D funding round in December 2024. As part of the capital raise, ARC took up more shares in Tymebank SA. Following the capital raise, the startup’s valuation jumped to $1.5 billion, giving it unicorn status.
Also, global digital financial services platformNubank, joined as a shareholder base along withM&G’s Catalyst as the second new shareholder.
Following this, the bank says it remains focused on growing its lending portfolio and strengthening its partnerships with retail and fintech companies such as TFG, Boxer, Pick ‘n Pay and Kazang.
Most recently, the digital bank entered Brand Finance’s South Africa Top 100 for the first time this year. TymeBank was ranked 46th on the list, second for ‘value for money’, ‘transparent rates’, and ‘fairness’ among retail consumers.
“We are delighted to see TymeBank being recognised as one of the top 50 brands in South Africa, just six years after launching. By making digital banking accessible and affordable to all South Africans across the economic spectrum – that’s what makes the TymeBank brand so appealing to the average South African.” says TymeBank CEO Karl Westvig.
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