TymeBank promotes former Retail Capital chief Karl Westvig to CEO
South African digital challenger TymeBank has named Karl Westvig as its new CEO, with co-founder Coenraad Jonker, who has held the CEO position since July 2022, set to step aside and “fully dedicate his expertise to his role as Executive Chairman of Tyme Group”.
Karl Westvig named TymeBank’s new CEO (Image: LinkedIn)
Westvig first joined TymeBank in January last year to head its business banking operations from its base in Cape Town. This was after his 12-year tenure as chairman and then CEO of SME funding fintech Retail Capital, which was acquired by TymeBank in December 2022.
The CEO transition will come into effect from 1 October, coinciding with the challenger’s plans to raise $150 million through a Series D funding round in Q4, as first reported by Bloomberg last month.
Aside from its intention to use the funds to expand into the Philippine and Vietnamese markets, as per the report, TymeBank is also hoping to list on the New York Stock Exchange (NYSE) by 2028.
Jonker previously disclosed that this initial stock market debut in the US will “most likely” be followed by a secondary listing on the Johannesburg Stock Exchange (JSE), a move projected to appease its majority shareholder, Sandton-based African Rainbow Capital.
TymeBank writes on LinkedIn that Westvig will “build on the current accomplishments and propel TymeBank forward” as its new CEO, while Jonker has been tasked with “leading us into our next phase of growth as we prepare for a public listing”.
