TymeBank completes acquisition of Retail Capital, aims to reach 6 million customers

South African digital bank TymeBank announced that it will reach six million customers in December following the completion of its acquisition of business lender and fintech company Retail Capital. The acquisition, worth R1.5 billion ($106 million), has received regulatory approval and Retail Capital will become a division of TymeBank by the end of the year. Retail Capital CEO Karl Westvig will join Tyme Group’s executive committee and lead the bank’s Business Banking division, which already serves over 120,000 customers. The acquisition marks TymeBank’s expansion into working capital funding for small businesses and follows its successful move into consumer banking. There are no immediate plans to rebrand Retail Capital, which will continue to operate as usual.