TymeBank, South Africas fast-rising digital challenger bank, is setting its sights on new market segments and a coveted tech unicorn status, with outgoing CEO Coen Jonker aiming for a valuation close to USD 1 B in ongoing fundraising discussions en route to a target of going public at home and abroad.
We are currently valued at close to USD 1 B and are busy with our Series D capital raise at a unicorn valuation," Jonker said in an update. "Our target is to list TymeBank in New York by 2028, and we will most likely also do a second listing on the Johannesburg Stock Exchange for our South African shareholders.
Behind TymeBank's glossy veneer of rapid growth lies a story steeped in strategic calculations and the realities of Africas unbanked population.
Launched in 2019, TymeBank aimed to disrupt South Africas traditional banking landscape by focusing on the underbanked segment. Their winning formula? A hybrid approach. An eye-catching statistic emerged in 2022: a staggering 80% of TymeBanks then 5.3 million customers signed up at kiosks within retail chains such as Pick n Pay and Boxer stores, not through digital channels.
This highlights a crucial insight - for Africas unbanked population, physical touchpoints remain essential for trust and accessibility.
