TymeBank, the South African digital bank valued at $1.5bn, is preparing for a significant rebrand and has outlined plans for a 2028 dual public listing, with a primary listing on the New York Stock Exchange (NYSE).
The bank, which became South Africa’s first digital bank to reach profitability in late 2023, will rebrand as “GoTyme” in the first half of 2026. The move will unify its brand with its international operations, including GoTymeBank in the Philippines and its service in Vietnam.
The company stated the change reflects its “growth, maturity and focus on customers across a wider economic spectrum.”
This strategic shift comes as the bank rapidly expands its product offerings ahead of its planned public debut. Alongside the NYSE primary listing, TymeBank intends to pursue a secondary listing on the Johannesburg Stock Exchange (JSE).
Nubank Backing and IPO Rationale
The bank’s $1.5bn valuation was secured in December 2024 following a $250m Series D funding round. The round was notably led by Latin American fintech giant Nu Holdings, the parent company of Nubank, which contributed $150m.
The decision to target a primary listing in New York follows a similar path to Nubank. TymeBank’s leadership has previously noted that international investors have shown more interest in the business than domestic ones—with the exception of its majority shareholder, African Rainbow Capital (ARC), the investment firm controlled by South African billionaire Patrice Motsepe. ARC holds a 57.7% stake in the bank.
By the end of 2024, TymeBank had grown its customer base to 10.7m and its deposits to nearly R7bn ($385m), up from R6.3bn in June 2024.
A Push into High-Risk Lending
A core part of TymeBank’s pre-IPO strategy is an aggressive move into unsecured lending, a high-margin market currently dominated in South Africa by Capitec.
The bank is forming a joint venture with insurance and financial services giant Sanlam. As part of the deal, TymeBank will acquire 50% of Sanlam’s R5bn ($275m) retail-credit loan book. The two firms will establish a new operating company, “SanlamTyme JVCo,” to offer personal loans bundled with credit life cover.
The deal, which has received unconditional approval from South Africa’s Competition Tribunal but still awaits a nod from the Prudential Authority, will see TymeBank pay approximately R400m for the loan book stake and R31.5m for its 50% equity in the new venture.
This partnership expands on an existing relationship, as Sanlam holds a 25% interest in ARC Financial Services Holdings, TymeBank’s parent holding company.
Kiosks for Passports
While TymeBank has no physical branches, it operates through a “phygital” model, using 1,450 kiosks in retail partners like Pick n Pay, Boxer, and The Foschini Group (TFG).
The bank is now leveraging this physical footprint for a new public-private partnership. TymeBank has joined an initiative with South Africa’s Department of Home Affairs to roll out Smart ID and passport application services.
Unlike other banks in the partnership that use their traditional branches, TymeBank will pilot the services through its in-store kiosks, starting in Johannesburg before a planned national rollout. This move comes after a public dispute earlier in the year between the bank and the department over the cost of digital identity verification services.
As it builds its portfolio, the bank’s net advances (loans) grew to R2.3bn ($126.7m) by the end of 2024. TymeBank has stated it is investing in advanced data analytics and artificial intelligence to support its new, more complex credit products, with plans to eventually launch secured lending options, such as vehicle finance.