- Tyme Group hit $160M revenue as its digital banks rapidly gained over 10 million emerging economy customers.
- TymeBank and GoTyme turned profitable incredibly fast thanks to low-cost infrastructure advantages.
- Upcoming moves signal further traditional banking disruption across developing regions.
Tyme Group, a Singapore-based financial technology company, announced it reached a $160 million annualized revenue run rate in 2023, driven by rapid customer adoption of its digital banking services.
Tyme Group’s South African digital bank, TymeBank, turned profitable in record time after amassing over 8.5 million customers since its 2019 launch.
2.3M customers in their PH venture
Tyme Group’s Philippine joint venture, GoTyme Bank, garnered 2.3 million customers in 14 months, growing even faster than TymeBank.
The group attributes its success to a laser focus on emerging markets and a cost structure of around 10% of incumbent banks.
A bullish vision in the market
Having raised nearly $80 million in 2023, Tyme Group aims to become a top-3 retail bank across all its markets. Upcoming plans include SME lending products in Vietnam and further geographic expansion of its regulation-lite cloud-based digital banking platform.
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If growth continues at this clip, Tyme Group is positioned to radically disrupt traditional banking in developing economies.
