South African digital bank TymeBank says it is set to reach the 6 million customer mark in December, as the group completes its acquisition of business lender and fintech group, Retail Capital.
In terms of the acquisition, Retail Capital will become a division of TymeBank before the end of December 2022, the group said. Retail Capital’s CEO Karl Westvig will join Tyme Group’s executive committee and will be responsible for TymeBank’s business banking and lending offerings. There are no immediate plans to rebrand Retail Capital, which will continue to operate as usual, the bank said.
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