South Africa’s TymeBank to acquire SME funding fintech
August 8th, 2022 – South African digital bank TymeBank is to acquire Cape Town-based Retail Capital, a lending fintech that provides funding for SMEs in the country.
South African digital bank TymeBank is to acquire Cape Town-based Retail Capital, a lending fintech that provides funding for SMEs in the country.
The deal will see Retail Capital’s funding expertise combined with TymeBank’s deposit base, allowing the companies to serve a broader audience. TymeBank’s current Business Banking offering already boasts over 100,000 customers.
In the last decade, Retail Capital has provided more than 43,000 business owners in South Africa with 5.5bn rand’s worth of working capital, making it the largest SME funder of its kind in the sector. In the last five years, it has built itself up as a fintech partner, giving businesses instant access to funding through embedded solutions. Merger will ‘ensure business owners can fuel growth’.
More…https://fintechmagazine.com/articles/south-africas-tymebank-to-acquire-sme-funding-fintech
Written by FinTech
Photo: SmallBizDaily
Related Post
South African SMEs: Navigating the Path...
The State of South African Small Business 2025 report highlights that SMEs are increasingly the backbone of the national economy, with 83% r...
Energy Prices and Their Impact on...
The structural disparity in electricity costs when compared to the European average is a growing concern for micro and small businesses thro...
First Report by the Observatory on...
The First Report by the Observatory on SMEs and Capital Markets highlights that Italian SMEs increasingly see capital markets as an opportun...
