TymeBank acquiring SME funder to help finance 'true heroes' of economy
- Digital TymeBank has announced it's acquiring fintech SME funder Retail Capital
- The digital bank aims to help finance the "true heroes" of the South African economy says CEO Coen Jonker
TymeBank has announced it is acquiring Retail Capital, a leading fintech SME (small and medium enterprise) funder.
The digital bank says the move is part of the aim to bolster its business banking offering.
"The deal would see Retail Capital’s funding expertise and TymeBank’s deposit base and operations combined to serve a broader customer base."
Bruce Whitfield interviews Coen Jonker, TymeBank co-founder and CEO.
Jonker notes that the bank already does have around 100 000 business customers, but hasn't been extending credit to them up to now.
...and so the motivation behind buying Retail Capital is that they then have this unique, very powerful solution that is technology-enabled and will enable us to extend very flexible, very fast working capital to our customer base and the customer base that they currently service...Coen Jonker, Co-founder and CEO - TymeBank
We don't think of ourselves as corporate, as big business; we very much think of ourselves as fellow entrepreneurs and startup guys with the retail capital team.Coen Jonker, Co-founder and CEO - TymeBank
Jonker agrees that it is a case of using money deposited by TymeBank clients, to lend on to worthy SMEs.
Even better if we can deploy this money to the true heroes of the South African economy which are the entrepreneurs and the undermanaged businesses that continue to thrive through our funds.Coen Jonker, Co-founder and CEO - TymeBank
For us it's very exciting to be able to support these businesses but as you say structurally, economically, for us the strategy also makes a lot of sense.Coen Jonker, Co-founder and CEO - TymeBank
Scroll up to listen to the interview with Jonker
Source : https://www.facebook.com/tymebankza/photos/a.368015620295229/921631694933616