TymeBank, which has its headquarters in South Africa, and Retail Capital, which focuses on serving small and medium-sized businesses and offers capital and asset finance as alternatives to conventional business loans, have agreed to have TymeBank purchase Retail Capital.
Launched in 2011, Retail Capital has backed over 43,000 firms with more than $329 million in working capital. The acquisition will enhance its impact as it becomes a division of TymeBank and the backbone of the bank’s expanded business banking offering.
As a result of this transaction, TymeBank will be able to provide working capital financing to business owners. In addition, these business owners will be able to purchase the stocks and resources necessary to foster the expansion and development of their company. In general, owner-managed firms and small businesses are believed by TymeBank to be the most underserved and under-capitalized part of the South African economy.
“This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital lending,” says Coen Jonker, Chief Executive Officer of TymeBank.Over the previous decade and through various economic cycles, Retail Capital has amassed a lot of risk management experience.
They have a team with a lot of experience, and their operational processes and risk models have been tested and improved a lot for small-business funding.
Together, we’re looking forward to giving business owners access to new ideas that will help them grow, create jobs, and contribute to the economy as a whole.
TymeBank claims to have a customer base of 5 million, including more than a hundred thousand small enterprises, entrepreneurs, and owner-managed businesses. Furthermore, the company adds approximately one hundred and fifty thousand new customers monthly.
The bank will start providing new services to small and medium-sized businesses like TymeTrybe and TymePOS.
An NFC-enabled mobile phone can be transformed into a tap-and-go payment device using the TymePOS app, a mobile point-of-sale app. TymeTrybe is a financial community platform that provides proprietors of businesses with access to various accredited courses, business tools, educational services, and networking opportunities.