TymeBank achieves profitability for the first time

TymeBank announced that it had attained its first profitable month in December 2023, less than five years after its inception in February 2019. This feat makes it the first digital bank in South Africa and the continent to break even.

In a media statement, the bank stated that it has become one of the fastest-growing digital banks worldwide and is the first African digital bank to achieve this milestone. TymeBank states that less than 50% of the world’s top 100 digital banks have gained profitability, with less than 5% of all global neobanks becoming profitable.

Coenraad Jonker, CEO of TymeBank, commented that the bank’s speed in achieving profitability is a triumph for their 8.5 million customers to celebrate. He contrasted this with other banks such as Nubank and Monzo, which took eight and seven years respectively to become profitable.

TymeBank attributes its success to its business model that combines digital avenues with in-store kiosks at leading retailers, acquiring around 150,000 new customers monthly.

TymeBank chairperson Thabani Jali expressed gratitude to investors for their continued support and faith in the bank’s vision. He noted that their trust was instrumental in driving the bank towards its recent achievement.

ARC founder and chairman Dr Patrice Motsepe remarked on the significant milestone achieved after more than four years of effort and strategic investments. He viewed this as a testament to TymeBank’s unwavering commitment to offering quality banking services to all South Africans.

The CEO also stated their ambitious target of being among the top three retail banks in South Africa. He expressed confidence in being able to achieve this aim within the next few years considering the bank’s track record of success.