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Patrice Motsepe
Adelaide Changole
South Africa’s TymeBank plans to acquire a local lender to small businesses to help the banking startup backed by South African billionaire Patrice Motsepe accelerate its expansion plans.
The bank controlled by Motsepe’s African Rainbow Capital will acquire Johannesburg-based Retail Capital, it said in a statement on Wednesday, without disclosing the purchase price. Retail Capital, which started in 2011, has funded more than 43,000 business owners with over 5.5 billion rand ($329 million) in working capital.
