Exclusive: TymeBank to launch in Indonesia as it continues Southeast Asia focus

TymeBank, the South African digital bank with R4 billion ($222 million) in customer deposits, will launch in Indonesia by the end of 2024. It is the bank’s third Southeast Asian market, after launching in the Philippines in October 2022 and Vietnam in January 2024.

In Indonesia, the company will not immediately pursue a banking license but will offer its lending product, Merchant Cash Advance, to Small and Medium Enterprises (SMEs). It used a similar strategy in Vietnam.

“We see a massive opportunity with good profit potential in the small business lending space in Indonesia and the region,” Tyme Group chair Coen Jonker told TechCabal.

“We can also build our brand faster because it takes a lot more time and money to get a full banking license and infrastructure up and running.”

Founded in  2018 by Coenraad Jonker and Tjaart van der Walt, TymeBank focuses on low-income earners and SMEs.

Backed by Tencent, British International Investment, and Patrice Motsepe’s Africa Rainbow Capital (ARC), TymeBank has raised $316 million. It is currently raising a $150 million Series D round and plans to list on the New York Stock Exchange by 2028.

With over 60 million SMEs and limited access to traditional financing, Indonesia presents a market opportunity for TymeBank to grow its merchant lending business. It has disbursed $100 million to over 60,000 small businesses in South Africa.

The company’s Phillipines operations reported a 2.47 billion Philippine pesos ($42 million) loss in 2023, its first full year of operations. According to Jonker, the company aims to break even in 2025 and achieve full-year profitability in South Africa in 2024.

TymeBank will reach 10 million customers in South Africa and 5 million in the Philippines by October 2024. “In the Philippines, we have achieved half in two years of the total customer base that we achieved in South Africa over six years, so that is an amazing growth story,” Jonker said.

In the meantime, the Southeast Asia market’s combination of a friendly regulatory environment and expansive potential market has TymeBank focused on the region. In the future, the bank will not rule out an African expansion, with Jonker saying the move is a question of “when and not if.”

Get the best African tech newsletters in your inbox

ObadeYemi

Adeyemi is a certified performance digital marketing professional who is passionate about data-driven storytelling that does not only endear brands to their audiences but also ensures repeat sales. He has worked with businesses across FinTech, IT, Cloud Computing, Human Resources, Food & Beverages, Education, Medicine, Media, and Blockchain, some of which have achieved 80% increase in visibility, 186% increase in month on month sales and revenue.. His competences include Digital Strategy, Search Engine Optimization, Paid per Click Advertising, Data Visualization & Analytics, Lead Generation, Sales Growth and Content Marketing.

Share
Published by
ObadeYemi

Recent Posts

How to Humanize AI Content So It Will Rank, Engage, and Get Shared in 2025

I still remember my first taste of artificial intelligence (AI).It was “SmarterChild,” a chatbot available…

20 hours ago

Need to Write a Job Offer Letter? I’ve Got You Covered [+ Free Template & Examples]

You’ve just wrapped up all those interviews, and now you’ve found the perfect candidate. Next…

21 hours ago

Getting Your Scope of Work Right — the Complete Guide [+ Templates & Examples]

As a freelance writer, I’m always receiving and reviewing scope of work documents. These digital…

21 hours ago

What Is a Risk Assessment? My Complete Guide [+ Free Template]

No matter what you do for a living, you deal with all kinds of risks…

22 hours ago

How Brands Can Act Responsibly During a Crisis

It’s been 53 days since Hurricane Helene devastated my hometown of Asheville, but I’m going…

2 days ago

Here’s How I Write a Resignation Letter That Makes a Good Last Impression

I’m all too familiar with that uncomfortable feeling in your stomach when you have to…

2 days ago