19 August 2017
visit www.avoka.com

CommBank buys South African tech outfit Tyme

12 February 2015  |  7656 views  |  0 Commonwealth bank web logo

Commonwealth Bank of Australia is on the prowl for tech acquisitions after paying A$40 million for South African digital banking outfit Take Your Money Everywhere (Tyme).

Johannesburg-based Tyme, which was initially a Deloitte Consulting project funded by mobile operator MTN before being spun out in 2012, designs and builds digital banking platforms.

CommBank CEO Ian Narev revealed the acquisition at a results briefing during which he explained that Tyme will help the bank target the emerging middle classes in markets such as India, China and Vietnam.

More acquisitions could be on the cards. Narev is quoted in the Australian as saying: "Have we got a huge slate of those things in front of us? No. But is this a sign of the sorts of things you could expect us to be doing if it made sense? Absolutely. We’re by no means at the end of that."

During the briefing, Narev also revealed that the CommBank app now has three million unique users who log in 15 million times every week, carrying out $2.5 billion of transactions.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Barclays and CommBank explore open source collaboration pact

Barclays and CommBank explore open source collaboration pact

03 November 2014  |  10915 views  |  1 comments | 8 tweets | 11 linkedin
CBA launches Innovation Lab

CBA launches Innovation Lab

16 October 2014  |  8114 views  |  1 comments | 6 tweets | 9 linkedin
CommBank debuts cardless ATM transactions

CommBank debuts cardless ATM transactions

30 April 2014  |  7527 views  |  1 comments | 4 tweets | 11 linkedin
CommBank services hit by network-wide outage

CommBank services hit by network-wide outage

15 April 2014  |  6526 views  |  1 comments | 2 linkedin
CommBank posts bumper profits as tech investment pays off

CommBank posts bumper profits as tech investment pays off

12 February 2014  |  6518 views  |  1 comments | 6 tweets | 7 linkedin
CommBank introduces mobile check-out service for online shopping

CommBank introduces mobile check-out service for online shopping

01 November 2013  |  7403 views  |  0 comments | 4 tweets | 4 linkedin
CommBank polls Facebook friends for online banking feedback

CommBank polls Facebook friends for online banking feedback

31 May 2013  |  5904 views  |  0 comments | 11 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.worldpaymentsreport.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7950 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7384 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6197 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6099 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5942 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job