South African fintech TymeBank names Karl Westvig new CEO

STARTUP VENTURE CAPITALJuly 10, 2024 at 9:55 AM UTC

TLDR

TymeBank appoints Karl Westvig as new CEO, effective Oct 1, 2024, allowing Coenraad Jonker to focus on Executive Chairman role.
Coenraad Jonker, co-founder of TymeBank, led the bank to its first profit in December 2023 after serving as CEO for over two years.
Jonker to concentrate on GoTyme Bank's expansion in the Philippines with three million customers as he transitions to Group Chairman.

TymeBank, a South African digital bank, has appointed Karl Westvig as its new Chief Executive Officer (CEO), effective October 1, 2024. This change will allow the current CEO, Coenraad Jonker, to fully concentrate on his role as Executive Chairman of Tyme Group.

These leadership changes follow the bank's announcement of its first-ever profit in December 2023. Jonker, a co-founder of the bank established in 2019, served as CEO for over two years.

As he transitions to Group Chairman, he will focus on the rapid growth of GoTyme Bank in the Philippines, which now boasts three million customers.

Key Takeaways

Currently valued at approximately $1 billion (R18 billion), TymeBank claims to be one of the world’s fastest-growing digital banks and the first to reach profitability in Africa. In March 2024, TymeBank announced plans to transform into a “full-service” bank, expanding its product offerings and services. This strategic move followed Tyme’s $77.8 million funding round in May 2023. Additionally, TymeBank was reportedly raising $150 million in June 2024 to support expansion into new markets, including Indonesia, to list on the New York Stock Exchange by 2028.

TymeBank

South Africa

Fintech

Neobank

Startups

Unicorn

Venture Capital

Karl Westvig