South Africa’s fastest-growing digital bank TymeBank has proposed to acquire Retail Capital, an award-winning fintech (financial technology) company that provides funding to small and medium-sized (SME) businesses.
The acquisition will see Retail Capital become a division of TymeBank and the foundation of the bank’s expanded business banking offering.
TymeBank CEO Coen Jonker said: “This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance. Retail Capital has acquired significant risk management experience over the past decade and through different economic cycles.”
Jonker added that together they look forward to providing access to innovative solutions to ensure business owners can fuel their growth and drive job creation which will contribute to the broader economy.
Karl Westvig, Retail Capital CEO, said the group has a long history of supporting SMEs by enabling them to access affordable funding that helps their businesses grow. Now, through this acquisition by TymeBank, they will be able to scale the offering, giving SMEs the opportunity to expand through funding that works on their terms.
“Both Retail Capital and TymeBank have the customer front of mind, and we see the strategic move as a positive one that will greatly assist all business owners in South Africa,” said Westvig.
Jonker said the small business sector is vital to economic development and job creation and deserves all the help it can get, particularly given the immense hardship of the last few years.
“We believe our revitalised business banking offering is what small business owners want, need and deserve,” said Jonker.
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