TymeBank, a prominent digital bank in South Africa, is set to acquire Retail Capital, a fintech startup that provides funding to SMEs across the country. Retail Capital is the largest financier of its kind in South Africa’s SME sector, having funded over 43,000 businesses with more than US$331 million in working capital. This acquisition, subject to regulatory approvals, will enable TymeBank to expand its offering to serve a broader customer base by channeling working capital to the underserved segment of small business owners. This deal would bring together TymeBank’s deposit base and Retail Capital’s funding expertise and offer business owners access to innovative solutions.
