TymeBank’s finalises R1.5bn acquisition of Retail Capital

TymeBank, which is set to reach the 6-million-customer mark in December, has finalised the acquisition of SME funder Retail Capital, which will become the rapidly growing digital lender’s new business banking offering.

The Patrice Motsepe-backed bank said in a statement on Tuesday that it had received all the necessary regulatory approvals to conclude its acquisition of 100% of Retail Capital, a fintech company that provides funding to small and medium-sized enterprises . The R1.5bn deal will result in Retail Capital CEO Karl Westvig joining the Tyme Group’s executive committee while also being responsible for TymeBank’s business banking and lending offerings...

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