TymeBank is planning to expand its business banking offerings, which it will spearhead with the acquisition of Retail Capital, a fintech company that provides funding to small and medium enterprises (SMEs) in South Africa. Retail Capital will become a division of TymeBank and serve as the basis for its business banking expansion efforts.
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“This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance,” said TymeBank CEO Coen Jonker. It will form an integral part of TymeBank’s business offering, with it being able to channel funding efficiently to business owners in South Africa, which it has said is a historically underserved small business sector.
“Retail Capital has acquired significant risk management experience over the past decade and through different economic cycles. They have an experienced team in place and their risk models and operational processes have been battle-tested and optimised to a significant degree for small-business funding,” Jonker added.
TymeBank is also launching a new mobile point-of-sale app that turns an NFC-enabled cellphone into a tap-and-go payment device. Called TymePOS, it promises next-day settlements for merchants and the best pricing in the market for merchants of this size. The app is available for download on the Google Play Store. TymeBank said after a two-minute sign-up, customers will receive a merchant ID and can start processing card payments within 24 hours.
Another new initiative called TymeTrybe has been announced. It is a financial community platform featuring a range of business tools, accredited courses and other educational services, and access to networking opportunities. Various partners have stepped up to contribute to the new platform, including Facebook owner Meta, Wits Business School, BrownSense, and SMEasy.
TymeBank said it is also developing “SellOnSocial”, a web-based ecommerce app for small merchants to sell their wares on Facebook and Instagram, including a delivery service.
