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