Commonwealth Bank of Australia said it has acquired South Africa’s Tyme Capital, a company that builds digital banking solutions. Johannesburg-based start-up Tyme said in a statement the 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. Tyme is an acronym for ‘Take Your Money Everywhere’ and the company introduced a service which has 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.
