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In a recent earnings announcement by the major Commonwealth Bank of Australia (CBA), the company revealed that it has acquired South Africa’s Tyme Capital — a company that builds digital banking solutions.
“We are delighted to announce that the Commonwealth Bank of Australia has acquired 100% of Tyme,” says the Johannesburg-based startup in an announcement. “This acquisition is a logical continuation of CBA’s strategy to pursue capability led growth outside Australia and one that reinforces CBA’s core strength in innovation and technology.”
Tyme was founded in November 2012 when it introduced its mobile bank to South Africans. Riding on the acronym, ‘Take Your Money Everywhere’, the company introduced a service which introduced the ability to send, receive, deposit and withdraw money, as well as make payments and purchase pre-paid electricity and airtime at selected till points such as Pick ‘n Pay and Boxer stores.
Speaking to Ventureburn, the company notes that the financial details of the deal will not be disclosed. Tyme also told us that all 80 employees will remain in the company’s head offices in Rosebank, Johannesburg.
“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 adds in the announcement that “there is a natural alignment 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.”
This news comes just weeks after the announcement of Stellenbosch-based radar startup iKubu’s exit to Garmin, marking an exciting year for South African startups.