South Africa-headquartered TymeBank has announced plans to acquire Retail Capital, an SME-focused organisation providing alternatives to traditional business loans in the form of funding and asset finance.
Launched in 2011, Retail Capital has funded over 43,000 businesses with more than $329 million in working capital.
The acquisition will enhance its impact as it becomes a division of TymeBank and the foundation of the bank’s expanded business banking offering.
With this acquisition, TymeBank will include working capital finance to its offerings for entrepreneurs who can also buy stocks and resources required to boost the growth and development of their business.
The bank will include the provision of new offerings to SMEs, including TymePOS and TymeTrybe.
The TymePOS is a mobile point-of-sale app that turns an NFC-enabled cellphone into a tap-and-go payment device. While the TymeTrybe is a financial community platform that equips business owners with a range of business tools, accredited courses and other educational services, as well as access to networking opportunities.