Discovery Bank has achieved a significant milestone by acquiring its first one million clients, two years ahead of its initial schedule.
Since its official launch in 2019, Discovery Bank has focused on revolutionizing banking by integrating digital technology with personalized services, aiming to democratize private banking for all clients, regardless of their income or product type.
The bank's growth has been fueled by continued product innovation and a unique approach that rewards clients for managing their finances well. This shared-value model not only enhances customer engagement but also contributes to the bank's financial growth, with deposits increasing by 31% to R16.67 billion (about $940 million) in the first half of 2024, and advances rising by 20% to R5.75 billion (about $324 million).
Clients have benefited from over R90 million in interest rate boosts and discounts, further incentivizing positive financial behaviors.
Discovery Bank's CEO, Hylton Kallner, highlighted the bank's commitment to financial inclusion and its vision of placing a digital bank branch in every client's hands.
The bank's success is part of a broader trend in South Africa's banking sector, where digital banks like TymeBank are also experiencing rapid growth and attracting significant investments.
