TymeBank: Company Research Report
Company Overview
Name
TymeBank
Mission
To help you understand how money really works by giving you a clear picture of every Rand and cent you have. This helps you make decisions about your money today that has the power to grow into a secure financial future.
Founded
2015
Founders
No information is available.
Key People
- CEO: Karl Westvig
Headquarters
No information is available.
Number of Employees
No information is available.
Revenue
No information is available.
Known For
TymeBank is known for being South Africa’s first digital bank and providing accessible and affordable banking services.
Products
EveryDay Account
- High-Level Description: A bank account with no monthly fees that offers simplicity, transparency, and affordability.
- Key Features:
- Free Visa debit card upon account opening.
- Free transactions for various services including debit card purchases, online purchases, and bill payments.
- Withdraw cash at over 15,000 till points including spaza shops and various ATMs.
- Earn interest on savings with the GoalSave tool.
- EarlyPay feature for early salary payment.
MoreTyme
- High-Level Description: Buy now, pay later service.
- Key Features:
- Split payments into three interest-free instalments.
- Available for payments at TFG stores and other leading stores.
- QR code or barcode payment methods.
TymeAdvance
- High-Level Description: Salary advance service.
- Key Features:
- Provides a portion of salary before payday.
TymeHealth
- High-Level Description: Healthcare cover with various plans for individuals.
- Key Features:
- Access to over 12,000 healthcare providers.
- Three affordable plans for different age groups.
- Face-to-face and online consultations.
- Emergency transportation and hospital care for accidents.
Recent Developments
New Products Launched
- TymeAdvance: Launched to help employers reduce employees' financial stress.
- TymeHealth: Launched to provide affordable healthcare plans.
New Features Added
- Increased Fixed Deposit Interest Rates: Boosted to support South African savers.
- PayShap: Instant payment service available for transactions up to R3000.
Partnerships
- TFG Partnership: Strategic partnership to broaden banking accessibility.
- National HealthCare Group: Partnership to provide quality and affordable medical insurance.
Achievements
- Achieved profitability in under five years.
- Ranked number one in South Africa in Forbes' World Best Banks ranking for 2024.
- Won News24’s Bank of the Year.
- Secured significant international investments from Tencent and CDC Group.
Other Developments
- Acquisition of Retail Capital to strengthen business banking offerings.
- Introduced CODI Deposit Insurance Scheme to protect client deposits.
- Expanded cash withdrawal services to 172,000 spaza shops and traders.
- Enhanced services such as TymeBank's "Save What Matters" initiative and customer education campaigns during COVID-19.
For more detailed information, visit the official TymeBank website or contact their support services directly.
