While this is a happy milestone, bottom-line performance is what drives profitability and leads to a superior return on equity. The young bank is “roughly on target”, with break-even anticipated in 2023, but the management team is not coasting – not by a long shot.Having the right person in the right job at the right time for the business is essential, says Coen Jonker, co-founder and soon-to-be CEO of the South African bank.
Tyme’s vision is to build a digital bank serving underserviced communities, consumers and small business proprietors around the world. Partnerships are key in a business model that aims to provide banking services that are “an order of magnitude” cheaper and simpler than its competitors. “The pace of change is a differentiator for new entrants. In the longer term, the success of a bank is about how fast you can evolve,” he says.
Dave Pfaff, Tyme Group’s current CFO, will move to Singapore and take over from Jonker as Tyme Group CEO. He will drive the company’s expansion internationally, and in the fourth quarter will start to gear up for its Series C capital raise.“Almost nothing went to plan,” Jonker says.