Blockchain
South African neobank TymeBank hits profitability
South African digital bank TymeBank has reached its first months of profitability five years after launch.
TymeBank is currently one of the world’s fastest-growing digital banks, with over 8.5 million customers since launching in February 2019. The bank has no monthly banking fees, it takes less than five minutes to open an account and in most cases, transaction costs are 30- 50% lower than what customers would pay at other local banks.
Through a distribution partnership with Pick n Pay, Boxer, and TFG stores, TymeBank has over 1000 kiosks and 15,000 retail points in retail stores across the country. The bank says the model is a helping it to recruit up to 150,000 new customers each month.
Retail Capital, a division of TymeBank, is also positioned as the largest SME funder of its kind in the sector.
CEO of TymeBank, Coenraad Jonker says, “A recent study stated that less than 5% of all neobanks worldwide had reached profitability. And of those that are in the black, most have taken a lot longer to become profitable; notable examples being Latin America’s Nubank and London-based Monzo, which took eight and seven years respectively. Having achieved our first month of profitable operations in a significantly shorter timeframe is a South African success story that our 8.5 million customers can share with pride.”
Having moved into profit, Jonker says the bank’s next goal is to become one of the top three banks in the country.
TymeBank’s anchor shareholder is African Rainbow Capital (‘ARC’). Other investors include Apis Growth Fund II (‘Apis’), Tencent, British International Investment (BII), the Gokongwei Group, the Tyme Management Investment Vehicle, Norrsken22 and the Ethos AI Fund.
Source: Finextra
The post South African neobank TymeBank hits profitability appeared first on Hipther Alerts.
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
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The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
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Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
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