TymeBank’s acquisition of Retail Capital has been authorised unconditionally by the South Africa Competition Tribunal.
TymeBank provides personal and commercial transactional accounts, savings accounts, and value-added services such as credit cards, prepaid, health insurance services, and burial coverage, according to the company.
Retail Capital is a fintech company that offers unsecured lending to small and medium-sized businesses as well as asset financing.
TymeBank will have sole control of Retail Capital following the transaction.
Read also South African Fintech SME Funder Retail Capital Acquired By TymeBank
TymeBank said in August that it planned to acquire Retail Capital in order to expand its commercial banking offerings.
Retail Capital will become a TymeBank division and the backbone of the company’s expanded business banking services.
“This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance,” said TymeBank CEO Coen Jonker. “Retail Capital has acquired significant risk management experience over the past decade and through different economic cycles. They have an experienced team in place and their risk models and operational processes have been battle-tested and optimised to a significant degree for small-business funding.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh