TymeBank completes R1.5-billion Retail Capital acquisition

TymeBank has announced that its acquisition of fintech company Retail Capital is complete, and work is underway to integrate the organisation.

The deal is worth R1.5 billion, TymeBank said. It also revealed that it expects to hit 6 million customers in December 2022.

Retail Capital will become a division of TymeBank before the end of December 2022.

There are no immediate plans to rebrand Retail Capital, which will continue to operate as usual.

Retail Capital’s CEO Karl Westvig will join Tyme Group’s executive committee and be responsible for TymeBank’s business banking and lending offerings.

“This is our first acquisition and the beginning of a new era for TymeBank as we branch out into working capital funding for small businesses,” stated TymeBank CEO Coen Jonker (pictured).

“We want to maintain commercial momentum so we will focus on making the integration as seamless as possible, while meeting all the regulatory and reporting requirements of a single business.”

TymeBank said its Business Banking division already has over 120,000 customers with a transactional business account.

“In the last 10 years Retail Capital has already provided more than 50,000 business owners in South Africa with over R7 billion in working capital, making it the largest SME funder of its kind in the sector,” the bank said.

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TymeBank completes R1.5-billion Retail Capital acquisition