The archive · Money & Fintech · Strategic decision · 2019–2025
Tyme bets retail kiosks can bank Africa's mass market; 15M users, $1.5B Nubank round
Branchless bank with 1,450 retail kiosks: first profitable SA digital bank (2023), 12M SA clients, $1.5B after Nubank-led $250M Series D
Tyme (TymeBank)
What the business is
Tyme is a Singapore-headquartered digital banking group whose South African arm, TymeBank, offers low-cost transactional accounts, savings and loans with no branches.
Starting capital：Backed by Patrice Motsepe's African Rainbow Capital, which held a 57.7% stake at the time of the Series D
How it started
TymeBank launched in South Africa in February 2019, founded by Coen Jonker with backing from billionaire Patrice Motsepe's African Rainbow Capital. Its bet was that the mass market, underserved by expensive branch banking, would adopt a low-cost digital account if onboarding and cash handling happened inside familiar retail stores.
What happened
The kiosk model scaled across South Africa, and in October 2022 Tyme launched GoTyme Bank in the Philippines with the Gokongwei Group, later adding Vietnam and Indonesia. It became South Africa's first digital bank to reach profitability in late 2023. In December 2024 Nubank led a $250M Series D — investing $150M itself, with M&G Catalyst at $50M and existing shareholders including Tencent, Gokongwei and BII adding $50M — valuing the group at $1.5B.
How it ended up
Still scaling: by November 2025 TymeBank had 12M South African clients and reported its most profitable quarter, was pushing into SME lending via a Sanlam joint venture, and planned a rebrand to GoTyme in H1 2026 ahead of a dual NYSE-primary/JSE listing targeted for 2028.
Background
Tyme is a Singapore-headquartered digital banking group best known for TymeBank, the South African digital bank that launched in February 2019 with backing from Patrice Motsepe's African Rainbow Capital. Its bet was that emerging-market mass-market customers would adopt low-cost digital banking if onboarding and cash handling happened inside stores they already visited.
Instead of branches, TymeBank built a 'phygital' network of about 1,450 kiosks inside retail partners like Pick n Pay, Boxer and TFG. The model scaled to over 10.7M South African customers by the end of 2024, and the bank became the country's first digital-only bank to turn profitable in late 2023. In October 2022 it launched GoTyme Bank in the Philippines with the Gokongwei Group, later adding Vietnam and Indonesia.
In December 2024 Nubank led a $250M Series D — $150M from Nubank itself, $50M from M&G Catalyst and $50M from existing shareholders including Tencent — valuing the group at $1.5B and making it a unicorn. Nubank's founder called Tyme 'extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia.'
By November 2025 TymeBank reported 12M South African clients and its most profitable quarter, was expanding into SME lending through a Sanlam joint venture, and planned to rebrand as GoTyme in the first half of 2026 ahead of a dual New York Stock Exchange primary and Johannesburg Stock Exchange secondary listing targeted for 2028.
What has to be true
- The phygital kiosk model cut the cost of onboarding and cash handling, making low-fee banking viable without branches.
- Profitability came before the unicorn round — first SA digital bank profitable in late 2023 — so the Series D priced a proven model.
- Nubank's $150M investment brought both capital and the playbook of the world's most valuable digital bank.
- A shareholder roster spanning ARC, Tencent and the Gokongwei Group gave Tyme credibility across Africa and Southeast Asia.
- Public-market ambition was explicit: a 2028 dual NYSE/JSE listing planned while still expanding products.
What can be applied
A digital bank can win the mass market by making the physical touchpoint the differentiator — kiosks in stores instead of branches — and proving profitability before chasing a unicorn valuation.
Aftermath
As of September 2026 Tyme is scaling across South Africa, the Philippines, Vietnam and Indonesia, with 12M+ clients in South Africa alone and a planned rebrand to GoTyme. It is building SME lending through a Sanlam joint venture and targeting a dual NYSE-primary/JSE listing in 2028.
Sources
- GoTyme Bank's major shareholder Tyme Group achieves unicorn status with major investment from Nubank
- TymeBank's success fuels ambitions for global expansion
- South Africa's $1.5B Digital Bank TymeBank Rebrands Ahead of Dual NYSE-JSE Listing
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