South African fintech company TYME is signing up 5,000 new customers each week, according to a report by The Australian.<\/p>\n
Commonwealth Bank of Australia acquired TYME, which designs, builds and operates digital banking ecosystems, in 2015, for a reported AU$40 million (R365 million).<\/p>\n
TYME (Take Your Money Everywhere) is headquartered in Johannesburg and had 80 employees at the time of the acquisition.<\/p>\n
The company was originally launched out of a Deloitte Consulting project that was funded by mobile operator MTN. In June 2012, the venture was spun out of Deloitte, and TYME was established as a stand-alone business.<\/p>\n
TYME has developed ‘know your customer’<\/span> KYC accreditation solutions that allow customers to open a simple bank account over their mobile phone, and open an unrestricted bank account\u00a0 from a remote location instead of having to enter a bank branch.<\/p>\n It originally partnered with MTN and retailer Pick n Pay, in 2012, enabling customers to use their mobile phones to open fully regulated bank accounts. In September MTN<\/a> announced that it had stopped signing up new mobile money customers – the system of which was installed by TYME.<\/p>\n