Discovery Bank is adding 600 new clients a day, CEO says
The digital bank expects to break even in 2024 when it is likely to achieve a total client base of between 600,000 and 700,000
Discovery Bank is adding 600 new clients a day, more than half of which are new to the broader Discovery Group thereby creating other opportunities to cross-sell its health and other insurance products into the lender’s expanding depositor base.
The bank, which was only launched in July 2019, has also grown its client base to 400,000 so far in 2021 of which 375,000 are primary clients, 31% more than at the beginning of 2021. Discovery Bank also said that total deposits had risen to R9.05bn as of November 2021 while its credit loss ratio had “trended down” to 3.25%, despite its loan advances growing at five times the market’s annual average rate of 2%...