As of recently, GoTyme Bank has reached over 2.3 million customers within 14 months. This may be because of it's "phygital" model, where you download the app, open an account, and then get your card from any GoTyme kiosks. It was an approach I've tried myself and found quite interesting. Getting the card itself while I was at a Robinsons mall took me about less than five minutes and any questions I had were answered by GoTyme ambassadors.

According to GoTyme, the number of customers they have now has exceeded than that of the Tyme Group from South Africa, which had acquired 1.6 million customers within the same time frame. GoTyme added, in the Philippines the combination of digital and physical experiences were met with higher-than-expected demand, and attributed its success to human engagement. 

GoTyme Bank democratizes a “preferred banking” experience by offering features, pricing, and customer service. This preferred banking include 5-minute account opening and card issuance, the debit card loyalty program, high interest savings with no minimum balance, and a commitment for a human to answer a call or in app chat in under three minutes.

The Singapore-based global digital banking group Tyme, the parent company of Philippines’ GoTyme Bank, achieves an annualized revenue run rate of US$160 million in 2023, while its flagship South African operation TymeBank becomes the world’s fastest profitable standalone digital bank.

A study by global consultancy Simon-Kuchor found that fewer than 5 percent of digital banks around the world are profitable, TymeBank beats the odds as it ranks in the top 5 percent of digital banks globally. The South Africa operation also qualifies as one of the world’s fastest-growing digital banks, as it secured 8.5 million customers since its launch in February 2019 and achieved 30 percent growth in its SME lending portfolio in 2023.

Co-founder and Executive Chairman of Tyme Group, Coenraad Jonker said, “We are proud of our growth in emerging markets, as we bring critical financial access to individuals and businesses. These markets are significantly underserved compared to more established markets, representing enormous growth opportunities for Tyme Group.”

GoTyme Bank CEO Nate Clarke says, “We are proud of our sister bank in South Africa and we see this as further validation that our unique retail distribution model is a major accelerator in building a sustainable digital bank. This gives us even more confidence that GoTyme is on the right track to build one of largest retail banks in the country and fulfill its mission of unlocking the financial potential of all Filipinos.”

By 2027, 32 percent of the population is predicted to have embraced digital banking which bodes well for GoTyme Bank.