South Africa's TymeBank Plans Indonesia Expansion in Asia Push
TLDR
- TymeBank to expand into Indonesian market, offering Merchant Cash Advance product to SMEs.
- The South African digital bank has raised $316 million to date from Tencent, British International Investment, and Africa Rainbow Capital.
- TymeBank plans to list on the New York Stock Exchange by 2028 after the ongoing $150 million Series D round.
TymeBank, a South African digital bank with R4 billion ($222 million) in customer deposits, will enter the Indonesian market by the end of 2024. This marks the bank's third expansion in Southeast Asia, following launches in the Philippines in October 2022 and Vietnam in January 2024.
In Indonesia, TymeBank will introduce its Merchant Cash Advance product to Small and Medium Enterprises (SMEs) without immediately pursuing a banking license, mirroring its strategy in Vietnam.
Founded in 2018 by Coenraad Jonker and Tjaart van der Walt, TymeBank is backed by Tencent, British International Investment, and Africa Rainbow Capital, having raised $316 million to date. The bank is currently raising a $150 million Series D round and aims to list on the New York Stock Exchange by 2028.
Key Takeaways
With over 60 million SMEs, Indonesia presents a significant opportunity for TymeBank to grow its lending business, following the disbursement of $100 million to 60,000 SMEs in South Africa. TymeBank’s Southeast Asia expansion is driven by a favorable regulatory environment and market potential, with a focus on scaling quickly in the region. Despite a $42 million loss in its first full year in the Philippines, the bank aims for profitability in South Africa by 2024 and plans to reach 15 million customers across South Africa and the Philippines by October 2024. TymeBank’s long-term strategy includes a potential expansion into other African markets, underscoring its growth ambitions.
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