South African digital TymeBank is planning to list on the New York Stock Exchange in 2028, according to CEO Coenraad Jonker. The company is currently raising a $150 million Series D round which would value it at $1 billion.
“Our target is to list TymeBank in New York by 2028, and we will most likely also do a secondary listing on the Johannesburg Stock Exchange for our South African shareholders," Jonker told Bloomberg. The company expects to complete the round by the fourth quarter, to fund expansion plans, such as TymeBank’s move into Indonesia by year-end.
TymeBank launched in South Africa in 2019 and now controls 10% of the primary bank market share in Africa’s most developed economy. The digital bank has gone head-on with incumbent banks in the country, such as Africa’s biggest bank Standard Bank Group Ltd., and FirstRand Ltd.’s First National Bank, and is now the third largest and fastest growing lender by customer numbers, said Jonker.
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 wants to reach profitability in the Philippines in the next 18 months and provide a full retail-banking proposition in Vietnam by next year, he said.