After completing all its regulatory obligations, the R1.5 billion Tymebank acquisition of Retail Capital is now complete. Work is currently underway to fully integrate the two entities, with Retail Capital forming the business lending arm of the digital bank, which expects to hit 6 million customers by the end of 2022.
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Retail Capital won’t be rebranded, with its normal operations not impacted at all by the acquisition. Retail Capital’s CEO Karl Westvig will join Tyme Group’s executive committee and be responsible for TymeBank’s business banking and lending offerings.
According to Tymebank CEO Coen Jonker, “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 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 has announced that its business banking arm has recently hit the 120,000 mark for acquired transactional business accounts. “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.
