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TymeBank, South Africa’s fastest-growing digital bank, has acquired South African fintech company Retail Capital, which provides funding to small and medium-sized businesses, to bolster its business banking offering. The acquisition, which is subject to regulatory approvals, will see Retail Capital become a division of TymeBank and the foundation of the bank’s expanded business banking offering.
Tymebank is the first digital bank in South Africa to operate fully as a cloud-based infrastructure network. The bank offers services in transactional banking and savings through its MoneyTransfer solutions, GoalSave, and TymeCoach App which gives tips on better money decisions. Tyme Group will also enable Retail Capital’s international expansion into other markets.