Tyme Achieves Fastest Profitability, S$215M Revenue in 2023
Singapore/ Venture/ Money

Tyme Group Shatters Records as S. African Unit Logs Profit in Under 5 Years

Tyme Achieves Fastest Profitability S215 M Revenue in 2023 Photo by Facebook/GoTyme Bank

Tyme Group, the Singapore-founded, multi-country digital banking company, is now the world’s fastest profitable standalone digital bank after its flagship venture in South Africa, TymeBank, logged its first profit since its launch.

With this, TymeBank is now among the world’s fastest-growing digital banks, having enlisted 8.5 million customers since its establishment in 2019. The group also achieved new heights with a record of S$215 million annualised revenue run rate in 2023.

Meanwhile, Tyme Group and Gokongwei Group’s digital banking app in the Philippines, GoTyme, surpasses Tyme’s South African venture with 2.3 million customers achieved in only a year and two months.

About 1.1 million micro, small, and medium enterprises (MSME) in the Philippines have also availed of Tyme’s merchant cash advance product, the group said in a press release.

Tyme shared its plans to leverage the Philippines’ increasing levels of neobank adoption, based on a study that found that 33% of the country’s adult population will have a digital-only bank account.

Commenting on these achievements, Tyme Group’s co-founder and executive chairman, Coenraad Jonker, said, “Our ambition is to become one of the top three retail banks in every market we enter, beginning with TymeBank in South Africa. Our proven track record of rapid growth, consistent product innovation and ‘firsts’, investor confidence, and now, profitability put us on track to achieve this audacious goal.”

Tyme Group now has over 10.8 million customers globally.

Learn more about Tyme and GoTyme’s offerings by visiting their websites.

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