TymeBank, the South African digital bank, is making its mark in the Asian market as it sets to launch an Indonesian branch by the end of 2024. Once achieved, Indonesia will become the bank’s third Southeast Asia market after the Philippines in 2022, and Vietnam in January 2024.
According to sources, the digital bank will probably not pursue a banking license immediately. However, it aims to offer its lending product, the Merchant Cash Advance, targeting medium and small enterprises, similar to its strategy in Vietnam.
We see a massive opportunity with good profit potential in the small business lending space in Indonesia and the region. We can also build our brand faster because it takes a lot more time and money to get a full banking license and infrastructure up and running.
Coen Jonker, Tyme Group Chair.
Backed by African Rainbow Capital (ARC) and Tencent, a British International Investment, TymeBank has raised $316 million, intending to focus on low-income earners and SMEs. The digital Bank is currently closing a $150 million Series D funding round and aims to list on the New York Stock Exchange by early 2028.z
TymeBank now has over 60 million SMEs and access to traditional financing, in Indonesia, While disbursing over $100 million to over 6000 small businesses.
However, in 2023, TymeBank’s Philippine operation recorded a loss of 2.47 billion Pesos (approx. $42 million) in the full calendar year in operations.
According to TymeBank, they are poised to achieve the milestone of uninterrupted growth in 2025 and attain year-round profitability in South Africa in 2024.
Currently, the South African digital bank is on the verge of reaching 10 million customers in South Africa and 5 million in the Philippines by November 2024.
In the Philippines, we have achieved half in two years of the total customer base that we achieved in South Africa over six years, so that is an amazing growth story.
Coen Jonker, Tyme Group Chair.
