by Jan Michael Carpo, Reporter
SAVii, the Philippines’ leading fintech salary lender, has recently been acquired by GoTyme Bank’s primary owners, JG Summit and Tyme Group, to accelerate the digital bank’s expansion into payroll-enabled financial products.
Founded in 2017 by CEO Liam Grealish, Benoit Portoleau-Balloy, and Javier Frasseto, SAVii (formerly known as Uploa) has become a market leader in salary lending, boasting a portfolio of over P3 billion in loans. It now serves over 500,000 workers across 150 major Philippine firms and has been recognized as the Top Employee Benefit Supplier by HR Tech Magazine in 2022 and 2023.
IMAGE CREDIT: https://www.gotyme.com.ph
Access to payroll-enabled financial products
The GoTyme Bank shareholders’ planned acquisition is intended to help the bank become profitable and increase further the scope of its expansion.
Ultimately, GoTyme Bank and SAVii will offer Filipino businesses premier payroll-enabled financial products, and HR directors will be able to help employees with the certainty of a bank.
The planned merger of GoTyme Bank and SAVii also unites GoTyme Bank’s payroll and loan services with SAVii’s loan offerings, placing the duo in a prime position to seize a large share of the labor force in the Philippines.
“When the two companies combine, GoTyme Bank and SAVii will deliver Filipino businesses with the best financial products ever developed around payroll, empowering HR directors to help employees achieve their full financial potential with the performance and protection of a bank,” shared GoTyme Bank in its website post.
Just last month, GoTyme began offering earned wage access (EWA) to a select number of companies, allowing employees to view their daily earnings.
Increased lending to Filipinos
The expansion of GoTyme Bank’s payroll-enabled financial products aligns with the Bangko Sentral ng Pilipinas (BSP) initiative to increase lending to Filipinos.
Nate Clarke, President and CEO of GoTyme Bank, stated, “With this acquisition, we can further our strategy of strengthening customer relationships by providing payroll and financial products that benefit both employees and their employers.”
Liam Grealish of SAVii emphasized, “A paycheck is more than just take-home money; it’s the most secure path to financial independence. Joining forces with GoTyme Bank was a logical step in our mission to help people access formal financing.”
“We are excited about the opportunities this merger can bring to our partner firms and their employees, as SAVii can now offer its clients a more comprehensive banking experience,” he added.
GoTyme Bank has long recognized the challenges posed by the Philippines’ low consumer credit penetration rate, which has led to the rising use of unofficial lenders.
Clarke added, “This acquisition is a pivotal step toward addressing the longstanding issue of limited access to reliable and affordable credit for Filipino consumers.”