The Commonwealth Bank of Australia (CBA) has acquired Johannesburg-based startup TYME, which builds and operates digital banking solutions.
TYME includes amongst its clients MTN, hosting and operating the telecom’s Mobile Money service, and Pointbreak, for whom it built new generation banking model EBank.
The startup said it was delighted to have been acquired by CBA, saying it was a logical continuation of the bank’s strategy to pursue capability-led growth outside Australia.
“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 well-being of people, businesses and communities,” TYME said.
The bank announced the purchase during its interim results presentation today (11 February), though it did not reveal the purchase price.
“The strength of our business enables us to invest for the long term. We bought new capability, through the acquisition of TYME, a South Africa-based global leader in designing, building and operating digital banking systems. TYME gives us new opportunities in our emerging markets footprint, as well as providing capability to enhance innovation in our core markets,” CBA chief executive officer Ian Narev said.
