20 October 2017
visit www.avoka.com

CommBank buys South African tech outfit Tyme

12 February 2015  |  7752 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  |  11041 views  |  1 comments | 8 tweets | 11 linkedin
CBA launches Innovation Lab

CBA launches Innovation Lab

16 October 2014  |  8204 views  |  1 comments | 6 tweets | 9 linkedin
CommBank debuts cardless ATM transactions

CommBank debuts cardless ATM transactions

30 April 2014  |  7615 views  |  1 comments | 4 tweets | 11 linkedin
CommBank services hit by network-wide outage

CommBank services hit by network-wide outage

15 April 2014  |  6827 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  |  7002 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  |  7482 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  |  6032 views  |  0 comments | 11 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.innotribe.comvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15977 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
9067 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8212 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7219 views comments | 9 tweets | 17 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
6786 views comments | 19 tweets | 25 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job