Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp


South African neobank Tyme Group set to expand to Vietnam

Tuesday, 23 May 2023 17:52
South African neobank Tyme Group set to expand to Vietnam

(Ecofin Agency) - The banking group, which claims more than 6 million customers in South Africa and the Philippines, believes the Vietnamese market is a perfect fit for its all-digital banking business model.

Tyme Group, the neo-bank majority-owned by South African billionaire Patrice Motsepe, plans to expand into Vietnam in 2024 after closing a $78 million fundraising round, Bloomberg reported on Tuesday, May 23, citing a group executive.

"It’s one of those markets that is almost like a perfect fit for a business like ours," said Coen Jonker, co-founder of Tyme Group. "Vietnam is chronically underserved and many small businesses have little or no access to capital," he added, noting that the Southeast Asian country's economy is characterized by "rapid growth and low unemployment."

Majority-owned by Patrice Motsepe's investment holding company African Rainbow Capital, Tyme Group operates in South Africa under the name Tyme Bank. It also launched a fully digital bank called GoTyme Bank in the Philippines in 2022, in association with local company Gokongwei.

Tyme Group is adding  300,000 new customers per month in both markets, Jonker said. In January, the Group raised $78 million from a group of equity investors, including Norrsken22, an Africa-focused technology fund, and Blue Earth Capital, an impact investment firm.

The funds will, among other things, finance Tyme Group's expansion into new markets and strengthen its operations in South Africa and the Philippines, where the cumulative number of clients served has exceeded 6 million.



Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11


Benjamin FLAUX
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72


Please publish modules in offcanvas position.