Africa-Press – Namibia. SOUTH Africa’s TymeBank has revealed plans to acquire Retail Capital to help the banking start-up backed by South African billionaire Patrice Motsepe accelerate its expansion plans.
The bank, controlled by Motsepe’s African Rainbow Capital, will acquire Johannesburg-based Retail Capital, it said in a statement yesterday without disclosing the purchase price.
Retail Capital, which started in 2011, has funded more than 43 000 business owners with over N$5,5 billion (US$329 million) in working capital.
It is reported that the purchase will help TymeBank, which started as a digital lender to individuals, boost business customers.
The bank is said to have more than five million retail clients, and the acquisition, which is subject to regulatory approval, will boost TymeBank’s business customers by almost half, according to data provided by the two companies.
“This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance,” TymeBank chief executive officer Coen Jonker said in the statement.
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