The Patrice Motsepe-owned digital banking group is now valued at R26.7 billion after securing R4.4 billion in the latest capital raise, to fuel its next phase of growth.
Tyme Global secures two international investments, in a move that will see TymeBank further expand operations in SA.
The bank’s new advance product will enable beneficiaries to draw a portion of their grants 10 days before pay day.
TymeBank TFG Money branded kiosks located in TFG stores across the country will offer banking services.
The Competition Tribunal unconditionally approves the merger, whereby TymeBank intends to acquire the entire issued share capital in Retail Capital.
Thousands of employees can access a portion, or the entirety, of a future salary before the usual payday.
The digital-only bank seeks to break-even and reach profitability in the coming year, says CEO Coen Jonker.
TymeBank announces Retail Capital buyout
TymeBank has reached an agreement with Retail Capital and its shareholders to acquire 100% of the fintech SME funder’s shares, subject to regulatory approval. #newsvideo #TymeBank #Itinbanking
The fintech SME funder will become part of the digital-only bank, opening up working capital for small businesses.
The latest appointments bring additional strength and diversity to the digital bank’s senior leadership team.
Coen Jonker is named TymeBank CEO, while Tauriq Keraan is appointed as the group’s executive for growth projects.
The capital raised will fund and grow TymeBank in SA and also fund GOTyme in the Philippines, where it has secured a digital bank licence.
After announcing the bank’s first million customers, CEO Tauriq Keraan reveals partnerships will unlock further growth.