Digital bank TymeBank says it is set to bolster its business banking offering with a series of new initiatives, key of which is the proposed acquisition of Retail Capital, a fintech company that provides funding to small and medium-sized businesses in South Africa.
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The acquisition, which is subject to regulatory approvals, would see Retail Capital become a division of TymeBank and the foundation of the bank’s expanded business banking offering.
The deal would see Retail Capital’s funding expertise and TymeBank’s deposit base and operations combined to serve a broader customer base. TymeBank believes being able to channel funding efficiently to business owners in South Africa is critical to the expansion of the historically underserved small business sector.