TymeBank launches new offerings - and targets business loans with fintech acquisition
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.
“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. TymeBank’s current Business Banking offering, which already has over 100,000 customers, includes a transactional business account that can be opened in under five minutes, zero monthly bank fees, free debit card and online purchase transactions and free bulk payments, among other benefits.
Tyme Group, through its multi-country digital banking presence, will also enable Retail Capital’s international expansion into other markets.TymeBank’s business customers stand to benefit from the launch of a new offering, TymePOS, a mobile point-of-sale app that turns an NFC-enabled cellphone into a tap-and-go payment device.
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