TymeBank is officially the sole owner of the South African fintech and business micro-lender Retail Capital. The Competition Tribunal has approved TymeBank’s acquisition of Retail Capital.
The fintech company provides unsecured lending to small and medium enterprises and asset financing. TymeBank acquired the company in August with the hope to bolster its business banking offering.
Retail Capital will become a TymeBank division, now the bank can offer much-needed business loans to entrepreneurs, small and medium enterprises, and asset financing.
“This acquisition will enable TymeBank to expand its offering to entrepreneurs to include working capital finance,” said TymeBank CEO Coen Jonker.
“Retail Capital has acquired significant risk management experience over the past decade and through different economic cycles.“
“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,” Jonker adds.
Retail Capital was started in 2011, almost a decade ago with the hope of helping small and medium businesses with funding to kickstart their businesses.
“Business is the lifeblood of the economy and small and medium businesses are the growth engine for the future. It is vital they have the resources and the skills to grow,” said Karl Westvig Retail Capital Founder & CEO.
Our approach, as alternative funding providers since 2011, has always been to lead with technology and work alongside our clients where their repayments are based on their monthly turnover, not a set fee. This is what sets us apart from the get-go, as clients see us more as partners in their business than bank-rollers,” adds Westvig.
