Digital-only Discovery Bank Continues to Expand Despite R990m Loss

Digital-Only bank growing despite nearly R1 billion operating loss.

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Despite an operating loss of R990 million for the financial year, Discovery Bank continues to onboard new clients as it pushes towards its target of 1 million clients by 2026.

The operating loss is down 10% over the previous year and the bank has now reached over 1 million accounts with more than 470 000 clients.

“Billed as the “world’s first behavioural bank”, Discovery Bank was first announced in November 2018 and went into beta-testing phase in March 2019, when it touted its new offering as revolutionising banking clients’ behaviour.”


To read the full article, visit ITWeb, ‘Digital-only Discovery Bank reports R990m loss’.

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