'We want to eat their lunch.' TymeBank buys Retail Capital, expands to business lending

Patrice Motsepe-linked TymeBank wants to buy small business lender Retail Capital to turbo-charge its venture into business banking.

The bank plans to acquire 100% of Retail Capital, which will become its subsidiary. The acquisition is still subject to regulatory approval, but TymeBank is already planning to take this new part of its business to the Philippines, where TymeBank signed up its first customer on Wednesday morning, ahead of its initial October schedule.

"TymeBank is now three years old. It's still a baby … but it's a baby giant," says TymeBank CEO Coen Jonker. "We will be one of the best-performing digital banks in the world," he added.