South African fintech TymeBank set to rebrand to GoTyme

South African fintech TymeBank set to rebrand to GoTyme


South African fintech TymeBank has revealed rebranding plans that will see it renamed ‘GoTyme’ in the first half of 2026. The rebranding is part of the company’s plans for expansion and to refine its operations in the future.

According to TymeBank’s corporate communications head, Pontsho Ramontsha, per a News24 report, the rebranding is still being finalised, and full details about the process will be made public once all internal and regulatory processes are complete. The name change was first announced during a closed session with investors last week. 

Yes, we are in the process of evolving our brand to reflect our growth, maturity, and focus on customers across the economic spectrum,” she acknowledged.

Since it launched in 2019, the fintech company has recorded significant milestones. TymeBank reached profitability in December 2019, making it the first digital bank to break even in South Africa and on the African continent, according to the company.

Providing more insight, Executive Chairman of Tyme Group and former TymeBank CEO, Coenraad Jonker, said a recent study stated that less than 5% of all neobanks worldwide had reached profitability.

We are extremely proud of our achievement, particularly when you consider that globally, less than half of the top 100 digital banks are profitable,” he added. 

Outgoing TymeBank CEO Coenraad Jonker
Coenraad Jonker

Coenraad Jonker transitioned to become the Executive Chairman of Tyme Group on 1 October 2024 to focus on international expansion. He was succeeded by Karl Westvig, who was previously the company’s Chief Executive for Retail and Business Banking.

TymeBank, under its parent company TymeGroup, became Africa’s 9th and latest unicorn after it raised $250 million in a Series D funding round in December 2024. The capital raise, which includes a $150 million investment from Latin America’s most valuable financial company, Nu Holdings, powers TymeBank to a $1.5 billion valuation.

The Tyme Group is controlled by billionaire Patrice Motsepe’s African Rainbow Capital.

Read More: TymeBank becomes Africa’s 9th unicorn with $250m raise and $1.5bn valuation.

GoTyme is a familiar name to TymeBank

Tyme Group, headquartered in Singapore, operates as TymeBank in South Africa and GoTyme in the Philippines, Indonesia, and Vietnam. The South African market has been a key driver of Tyme’s growth, where it has racked up more than 10 million customers. 

The group launched GoTyme in the Philippines in November 2022, and it had grown its customer base to 3.6 million within 18 months. 

In the Philippines, it operates via a joint venture with Gokongwei Group, where it launched in 2022, marking its entry into Asia. According to Jonker, the fintech firm has more than 15 million customers across the group and plans to expand its footprint in Vietnam. 

Tyme was recently incorporated in Indonesia and is also looking at acquisition targets. Likewise, the company plans to spend tens of millions of dollars to gain an Indonesian banking license. The digital bank looks to enter a competitive arena with existing big companies such as Bank Mandiri and Bank Rakyat Indonesia, as well as several banks backed by the region’s top tech companies.

In December, Jonker explained that job number one is to become the top retail bank in the Philippines and repeat such a potential feat in Indonesia.

The next three to four years, we will be a lot more focused on our customers and on excellence and execution in the market and making sure we get the shape of the business right for listing, which includes making sure that in South Africa we operate the business at the return on equity level above 30%,” Jonker added. 

TymeBank incoming CEO, Karl WestvigTymeBank incoming CEO, Karl Westvig
TymeBank CEO, Karl Westvig

TymeBank recently joined the South African Department of Home Affairs’ new partnership model to expand access to smart ID and passport services across the country. In the deal, the company’s customers will be able to apply for smart ID cards and passports via its kiosks and mobile app once the partnership goes live.

CEO Karl Westvig explained that the partnership is a testament to its shared commitment to serve South Africans and uplift the country’s economy. 

TymeBank’s mission has always been to expand banking using an innovative, secure and technology-driven model that offers simple, accessible, and affordable products to all South Africans,” he said.





Source: Technext24

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