• In recent months TymeBank has been looking to expand its reach as it nears the six million customer mark. 
• Part of that growth has been the acquisition of fintech company Retail Capital, with the deal now completed.
• TymeBank owns 100 percent of Retail Capital in a deal worth roughly R1.5 billion.

If you have been following TymeBank in recent months, you will know that the country’s fast-growing digital bank has been looking to rapidly expand into new regions and acquire other companies along the way.

One such acquisition was for SME funder Retail Capital, with the intent to conclude a deal announced in August this year. Said deal is now completed, as TymeBank owns 100 percent of Retail Capital.

After fulfilling all regulatory requirements, the deal is valued at R1.5 billion, as TymeBank readies to cross the six million customer threshold later this month. Now work is underway to integrate the two organisations, as well as add new features to the TymeBank stack.

“In terms of the acquisition, Retail Capital will become a division of TymeBank before the end of December 2022. Retail Capital’s CEO Karl Westvig will join Tyme Group’s executive committee and will be responsible for TymeBank’s business banking and lending offerings,” the company explained in a press release sent to Hypertext.

The company adds that there are no immediate plans to rebrand Retail Capital, which will continue to operate as usual.

“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. We are excited to welcome Karl and the Retail Capital team into the TymeBank family,” added TymeBank CEO Coen Jonker.

“TymeBank Business Banking is strengthened by a quality acquisition and a high calibre team and we look forward to making business banking and access to capital more affordable for South Africa’s small business owners and entrepreneurs,” he concluded.