Digital Banks Tymebank, Discovery Bank and bank zero can see a new opponent in the South African market soon: London headquarters RevolutionThe world’s fourth largest digital bank, a local launcher, learned that TechCentral learned.
Think, Revolut’s proposal is almost unlike the digital banking of South Africa, which is aimed at the private banking segment, includes a more broader services, including Revolut’s proposal, multi-currency accounts, free currency exchange, stock and goods trade and even crypto trading.
If this happens to the South African market, if this happens, it can cause a larger banking sector, and perhaps larger traditional banks can threaten market share.
“Revolut continues to investigate the world’s growth opportunities in new markets to bring the Revolut application to the world.
In 2015, the Revolut, founded by Nikolai Storsky and Vlad Yatsenko, began with a prepaid card with low-precious currency services. Since then, a full-fledged financial “super application”.
Its business bank proposal provides multi-currency accounts with corporate cards and cost management tools. It also offers insurance and lifestyle services, including access to travel insurance, device insurance and airport hall. However, his product proposal is not the same in more than 160 countries and in the region, and it is not known to which of them will be offered in South Africa.
50 million customers
Revolut has 50 million customers in the world, 10 million in the UK alone. The company is worth $ 45 billion (August 2024). Although the users in Africa can download the Revolut application and access a limited sub-partition of services, the company has no banking licenses in any African people. The use of South Africa can serve as LaunchPad for the rest of the continent.
Revolut’s war will not be easy for the market share in South Africa. Like Revolut, the first full-digital bank in South Africa, Tymebank is also a unicorn status, is December 2024, the company is $ 1.5 billion. In the last financing round, Tymebank, one of the global rivals of Revolut, Nubankin – one of the largest independent banks in the world, provided a $ 150 million investment. Coenraad Jonker, CEO and Tyme’s Coenraad Jonker, Nubank’s investment investment – Core markets are the way to enter African and Southeast Asian markets indirectly through Brazil, Mexico and Colombia.
“They do not have a plan to grow in Southeast Asia Southeast Asia,” Jonker and His Investment “Really bets” as Nubank in Southeast Asia and Africa. “
Tymebank’s focus leaning until the end of the market, Discovery Spin-off Discovery Bank has made a place dominated by many countries in the middle and upper parts of the digital banking market. In terms of product proposal, Discovery Bank has a bunch of services to suit a number of services, including benefits such as Revolut’s multi-currency accounts, credit cards and airport salon.
Reading: Timebank Valuede estimates the last fundraising worth $ 1.5 billion
In 2019, the discovery exceeded one million customers in September 2024. Timebank has more than 10 million customers.
“There are aggressive plans to continue rolling new and innovative services to the 100 million phases of the customer base, as well as for customers” © 2025 Newscentral Media
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