Commonwealth Bank of Australia has acquired Tyme, a South African based technology company that designs, builds and operates digital banking ecosystems.
The Australian bank announced the purchase during an interim results presentation on Wednesday (11 February), and while it did not reveal the purchase price, The Australian Financial Review put the figure at AU$40 million (R365 million).
CBA group CEO, Ian Narev said: “We also bought new capability, through the acquisition of Tyme, a South African 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.”
Tyme (Take Your Money Everywhere) has 80 employees and its head office will remain in Johannesburg under the name Tyme.
Tyme was launched out of a Deloitte Consulting project that was funded by mobile operator MTN. In June 2012, the venture was spun out of Deloitte, and Tyme was established as a stand-alone business.
BusinessTech originally reported on a partnership between Tyme and MTN in November 2012, through the launch of MTN Mobile Money, in partnership with the South African Bank of Athens, and Pick n Pay.
Tyme has developed KYC accreditation solutions that allow customers to open a simple bank account over their mobile phone, and open an unrestricted bank account from a remote location instead of having to enter a bank branch.
The Commonwealth Bank of Australia is an Australian multinational bank with businesses across New Zealand, Asia, USA and the United Kingdom.