Karl Westvig, a seasoned entrepreneur and financial services leader, officially took the reins as CEO of TymeBank on 1 October 2024, steering one of South Africa’s fastest-growing banks now valued at R27 billion.
His appointment followed the transition of former CEO Coenraad Jonker into the role of Executive Chairman of the broader Tyme Group.
Westvig brings more than 20 years of experience across some of Africa’s leading financial and fintech institutions.
Prior to his new role, he led TymeBank’s Retail and Business Banking division since 2023, and has a long history of founding, scaling, and managing high-impact businesses across credit, venture capital, and consumer finance.
In the late 1990s, Westvig held positions at the Foschini Group and Direct Axis before becoming the founding CEO of the RCS Group in 1999.
Initially launched by TFG and now owned by French banking giant BNP Paribas, RCS services over 2.2 million retail credit customers and partners with more than 600 brands. Westvig remained its CEO until 2008 and continued as a non-executive director until 2012.
He went on to establish Como Capital, a venture capital fund investing in businesses across credit, protein trading, and recruitment. In 2009, he also co-founded JobCrystal, a career platform, and Redwood Software, a third-party processing company.
In 2012, Westvig took on the role of Group CEO at Mauritius-based African Finance Bank (AFB), which focused on building a consumer finance network across Africa, excluding South Africa.
After his exit from AFB in 2015, he returned to South Africa to lead Retail Capital as CEO, having previously chaired the company since 2011. Retail Capital offered flexible and accessible funding to SMEs, powered by data-driven decision-making that minimized hidden costs and maximized speed and affordability.
Beyond the boardroom, Westvig has remained deeply committed to community development. He served on the board of Kuyasa Fund, a non-profit microfinance initiative dedicated to improving housing conditions in South Africa’s underserved communities.
He is also a fellow of the Africa Leadership Initiative SA and the ASPEN Institute, and a key supporter of his alma mater, Wynberg Boys High. In 2023, he launched the Old Boys Legacy Fund to provide financial aid to underprivileged students, raising R50 million in just two years.
Westvig’s formal entry into TymeGroup began in December 2022, when the group acquired Retail Capital for R1.5 billion.
At the time, he praised the merger, saying: “There is an incredible synergy between Retail Capital and TymeBank, starting with the ethos to provide affordable banking to consumers and businesses. The cultural fit is seamless, and the power of Tyme’s technology, distribution and deposits and Retail Capital’s funding capabilities make this a very natural partnership.”
That partnership has since flourished. In December 2023, TymeBank reached its first month of profitability, less than five years after launching in February 2019, making it the first digital bank in Africa to do so.
It is expected to surpass the 10 million customer mark by October 2024 and has already disbursed R12 billion in funding to SMEs.
Globally, the TymeGroup is expanding its footprint through GoTyme Bank in the Philippines, which has already onboarded three million customers and is the fastest-growing bank in the country.
The group has its eyes set on further expansion in Vietnam and Indonesia, with a dual stock market listing planned in New York and Johannesburg by 2028.
As TymeBank continues to scale at breakneck speed, Karl Westvig’s proven leadership across financial innovation and business development positions him as a pivotal figure in shaping the future of digital banking, not just in South Africa, but across emerging markets.
