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TymeBank promotes former Retail Capital chief Karl Westvig to CEO

TymeBank Names Karl Westvig as New CEO: Key Points

  1. New CEO Announcement:
    • Karl Westvig has been appointed as the new CEO of TymeBank.
    • Co-founder Coenraad Jonker will step aside as CEO and focus on his role as Executive Chairman of Tyme Group.
  2. Background of Karl Westvig:
    • Westvig joined TymeBank in January 2023 to lead its business banking operations.
    • He was previously chairman and CEO of Retail Capital, a fintech focused on SME funding, which TymeBank acquired in December 2022.
  3. Effective Date and Strategic Plans:
    • The CEO transition will be effective from 1 October.
    • TymeBank plans to raise $150 million through a Series D funding round in Q4.
  4. Expansion and Listing Plans:
    • Funds from the Series D round will be used for expansion into the Philippine and Vietnamese markets.
    • TymeBank aims to list on the New York Stock Exchange (NYSE) by 2028.
    • A secondary listing on the Johannesburg Stock Exchange (JSE) is also planned to satisfy its majority shareholder, African Rainbow Capital.
  5. Roles and Responsibilities:
    • As the new CEO, Westvig will build on TymeBank’s current accomplishments and drive it forward.
    • Jonker will focus on leading TymeBank into its next growth phase and preparing for the public listing.
  6. Corporate Statements:
    • TymeBank expressed confidence in Westvig’s leadership to propel the bank forward.
    • Jonker’s expertise will be dedicated to navigating the bank through its upcoming growth and public listing preparations.

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