Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
TymeBank Considers Potential Listing in New York
TymeBank New York Listing: TymeBank, a South African digital bank backed by China’s Tencent Holdings Ltd., is raising $150m as it sets its sights on an initial public offering (IPO).
Also, TymeBank is one of Africa’s fastest-growing digital banks and got Series D fundraising, bringing its valuation close to $1bn.
TymeBank New York Listing
The $150m funding round would go towards an expansion, including a move into Indonesia by the end of 2024. TymeBank already operates in Vietnam and the Philippines, where it will reach profitability during the next 18 months.
Bloomberg interviewed Coenraad Jonker, CEO of TymeBank in Johannesburg concerning the development. He said, “Our target is to list TymeBank in New York by 2028. We will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders.”
He further said, “The digital bank expects to conclude the funding round by the fourth quarter. We plan to use the funds to pay for expansion to places like Indonesia by the year’s end.”
Jonker also went on to applaud the company. He said, “TymeBank is now one of the fastest-growing digital banks in Africa. It also follows a similar business model to Brazil’s Nu, which also counts Tencent as a shareholder, and was listed in New York in 2021.”
About TymeBank New York
The digital bank launched in South Africa in 2019 and now controls 10% of the primary bank market share in Africa’s most developed economy.
The company ascertained that it wants to be in the top three in customer numbers and from a return on equity perspective. It also plans to raise a larger round to facilitate the group acceleration to further attract opportunities in the industry.
Also Read: TymeBank Expands to 172,000 Spaza Shops
The company said, “We want to be in the top three in customer numbers and from a return on equity perspective. Initial engagement with investors has encouraged us to consider raising a larger round to enable the group to accelerate the pursuit of further attractive opportunities that we currently see in the industry.”
TymeBank New York Listing Expansion
TymeBank has gone head-on with giants such as Standard Bank and First National Bank in the industry. The company is now hitting the milestone of being the third-largest and fastest-growing lender by customer numbers in its region.
From its home base in South Africa, which became profitable for the bank in 2023, Jonker said he plans to focus on expanding its markets in fast-growing Asian countries and already has operations in the Philippines and Vietnam.
Jonker highlights he wants to reach profitability in the Philippines in the next 18 months and provide a full retail banking proposition in Vietnam by next year.
