Discovery Bank reaches a 1 Million mark of Accounts, after almost Two years in business

Discovery Bank has reached 1 million clubs with a number of accounts after one and half year in business. 

Mzansi’s behavioural bank announced to date it has over 450 000 clients and recorded over R11bn in deposits and R4.5bn in credit advances. 

The bank’s CEO Hylton Kallner didn’t see these numbers coming very soon, they were caught by the surprise. 

“The Bank has scaled quickly and built a uniquely powerful digital banking and technology capability. This is now being deployed as the de facto operating system for the Discovery Group in South Africa. 

“Discovery Bank’s digital payments technology, advanced security features and shared-value rewards capabilities represent a unique opportunity to deliver new products and digital services to all of our clients.” 

The bank also introduces a range of new products as part of celebrating its milestone, which includes:)

  • With Vitality Pay as you, Gym clients can access more than 170 Virgin Active and Planet Fitness clubs nationwide. 
  • Discovery clients who don’t already have a bank account, now have exclusive access to the Discovery Account. 
  • Vitality Travel was launched in March of this year, offering a single and convenient booking platform that incorporates travel partners, discounts, and other travel services through Discovery Bank. 

“Our first million accounts is an endorsement of our shared-value banking model and provides us with a strong foundation to continue to disrupt the market.” 

“With all of the new services and capabilities announced today, our goal is to do just this and further enhance our clients’ banking, travel and payments journeys, and enable Discovery Bank as the operating system for all Discovery clients and products,” adds Kallner.

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