The digital behavioural bank’s customer base has seen huge growth.
Discovery Bank launched in November 2018, and its growth has exceeded expectations. The digital bank will officially reach the milestone of one million clients in August 2024 — a goal it had set for 2026.in June 2022 and has rapidly added customers since, reaching two million accounts in less than two years later.
It’s important to differentiate between clients and accounts. One client can hold multiple accounts, and the bank announced the milestone of two million accounts in February 2024. It also noted that its client acquisition had accelerated and met Discovery Bank’s medium-term target of adding 1,000 new clients per day during the period from January to June 2023.In February 2022, Discovery CEO Adrian Gore said Discovery Bank wasIn comparison, TymeBank — a competing digital bank — launched in February 2019 andAdrian Gore, Discovery CEO
“I do not believe you can build a bank of very skinny accounts and people subscribing but not using the bank.”
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