The Commonwealth Bank of Australia has acquired South African startup Tyme Capital as part of plans to expand its capability led growth outside Australia.
Tyme Capital introduced its mobile bank to South Africans in November 2012, providing a service which allowed users to send, receive, deposit and withdraw money, as well as make payments and purchase pre-paid electricity and airtime at selected till points.
All 80 of Tyme’s employees will remain in the company’s head offices in Rosebank, Johannesburg, Ventureburn reported. Neither company will be disclosing the financial details of the agreement.
“Tyme gives us new opportunities in our emerging markets footprint, as well as providing capability to enhance innovation in our core markets,” CEO of Commonwealth Bank of Australia group Ian Narev said in a statement. “In terms of the group specifically, we will continue to invest in our current strategy.”
Tyme added that there was a “natural alignment” between the companies, “starting with Tyme’s vision of financial inclusion and CBA’s vision to excel at securing and enhancing the financial wellbeing of people, businesses and communities.”
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