Tymebank announces its proposed acquisition of Retail Capital
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Tymebank announces its proposed acquisition of Retail Capital

TymeBank, a South African digital bank, has announced the proposed acquisition of Retail Capital. This fintech company provides funding to South African Small and Micro Enterprises (SMEs) for an unknown sum. The transaction is still subject to regulatory approval.

Retail Capital funds SMEs through a three-step online application process. Over the previous ten years, the startup claims to have offered R5.5 billion ($326 million) in working capital to over 43,000 business owners.

TymeBank CEO, Coen Jonker stated that the acquisition would allow TymeBank to expand its services to entrepreneurs to include working capital finance.
Karl Westvig, CEO of Retail Capital, noted that the fintech firm already powers numerous industry-leading partners in the acquisition, retail, and payments space to serve their SME customers.
He also stated that TymeBank’s acquisition would improve this service to their partners’ clients.

TymeBank claims to have over 100,000 customers and offers services such as a transactional business account that can be started in less than 5 minutes, no monthly bank fees, and free debit card and online purchase transactions.

The digital bank, which is majority-owned by billionaire entrepreneur Patrice Motsepe’s African Rainbow Capital, also announced the release of TymePOS, a mobile point-of-sale app for Android. This app transforms an NFC-enabled smartphone into a tap-and-go payment device with a next-day settlement.

It also hinted at the impending debut of “SellOnSocial,” a web-based e-commerce app combined with a delivery service that will make it simple for small businesses to sell their items on Facebook and Instagram.

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