South African-based neo-bank TymeBank has raised new capital from African Rainbox Capital (ARC).
ARC has reportedly invested about R169 million ($9.6 million).
TymeBank has the largest cash-in and cash-out network in South Africa, thanks to its retail partnership network with Pick n Pay, Boxer, and The Foschini Group (TFG).
By The Numbers
According to ARC, TymeBank’s customer base increased 11.8% year-over-year, to 9.5 million as of June 30, 2024, with increasing activity per customer.
Zoom Out
TymeBank already has operations in the Philippines and Vietnam.
The bank wants to reach profitability in the Philippines in the next 18 months and provide a full retail banking proposition in Vietnam in 2025.
Source: Connecting Africa
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