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    HomePartner ContentTwo Years After Acquisition, Retail Capital’s Founder Is Now CEO of TymeBank

    Two Years After Acquisition, Retail Capital’s Founder Is Now CEO of TymeBank

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    TymeBank has announced the appointment of Karl Westvig as its new Chief Executive Officer (CEO), effective October 1. This change follows the bank’s acquisition of Retail Capital two years ago, where Westvig was a founder. Coenraad Jonker, the current CEO, will transition to focus on his role as Executive Chairman of Tyme Group, driving the growth of the multi-country digital banking group.

    The leadership changes come as TymeBank aims to expand its offerings for consumers and commercial clients, transitioning into a full-service bank. TymeBank Chairman Thabani Jali highlighted the bank’s significant growth, anticipating it will reach 10 million customers this year. He emphasized the strategic redeployment of key executives to best serve both TymeBank and the group.

    “Coen’s contribution to TymeBank’s growth makes him the ideal person to lead Tyme Group into the next phase, preparing for a public listing. The board has full confidence that Karl can build on Coen’s accomplishments and help us further grow market share in South Africa,” Jali stated.

    Westvig, who currently serves as TymeBank ’s Chief Executive for Retail and Business Banking, brings extensive leadership, lending, and fintech expertise to his new CEO role. He has a history of building strong teams and successful startups, including the RCS Group and Retail Capital. Retail Capital has been instrumental in providing funding to the SME sector and launching finance products through partnerships with over 10 industry-leading companies.

    Westvig expressed his gratitude for Jonker’s leadership, acknowledging the bank’s success in achieving break-even during challenging economic times. He looks forward to advancing TymeBank’s goal of becoming a top three bank in terms of customer satisfaction, growth, and shareholder returns.

    In January, TymeBank became the first digital bank in South Africa and on the continent to achieve profitability, reaching this milestone in December 2023. Jonker, who served as CEO for over two years, led the bank to this pivotal achievement.

    “I am grateful for what we have managed to achieve together at TymeBank. At a group level, GOTyme Bank is already the fastest-growing bank in the Philippines, with three million customers. We have now entered Vietnam with our first product and aim to be live in Indonesia by the end of the year. Our ambition is to list the business in 2028,” Jonker noted.

    Currently valued at close to $1 billion, TymeBank is one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, now boasting 12.5 million customers.

    In 2022, Retail Capital joined TymeBank as a division, serving as the hub of the bank’s expanded business banking services. This acquisition allowed TymeBank to extend its offerings to include working capital finance, leveraging Retail Capital’s extensive experience in risk management and operational processes.

    TymeBank’s Business Banking offering includes a transactional business account with zero monthly bank fees, free debit card transactions, and an easy three-step online application process. Before its acquisition, Retail Capital provided over R5.5 billion in working capital to over 43,000 South African business owners, making it the largest SME financier of its kind in the industry.

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