Discovery Bank says it reached a milestone one million clients. According to a media statement, it follows another milestone achieved earlier this year, of two million active accounts.

Discovery Bank

The bank started operating in 2019 and built its systems by moving clients with credit cards through an initial partnership with First Rand Bank to the Discovery Bank platform.

“Since then, continued product innovation and a unique shared-value banking model has fuelled the Bank’s client and deposit growth, which was up 31% to R16.67 billion in the first half of 2024, with advances increasing by 20% to R5.75 billion,” says Discovery Bank.

Through the shared-value approach, the Bank’s clients have also accumulated more than R90 million in interest rate boosts and discounts, it added.

Hylton Kallner, CEO of Discovery Bank says, “This milestone also comes ahead of our plan, which is a testament to the hard work, dedication, and unwavering commitment of everyone at Discovery Bank to deliver excellence as we work towards our vision to build the best bank in South Africa.”

In the last year, the bank also introduced a new-generation Revolving Credit Facility, and a Home Loan offering that cuts up to 1% off interest rate repayments.

It says that with these additions in under five years, it has grown to a completely digital, comprehensive retail bank offering that is attracting over 1 000 new clients a day.