TymeBank finalises R1.5bn acquisition of Retail Capital
The Patrice Motsepe-backed lender has received all the necessary regulatory approvals to conclude its acquisition of 100% 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 (SMEs). 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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