GoTyme Bank, a joint venture between the Gokongwei Group and Tyme Group, is poised to accelerate its growth trajectory with ambitious plans for 2025.
The digital bank aims to onboard an additional 4 million customers, bringing its total user base to 9 million.
“Looking ahead to 2025, we plan to further accelerate growth with the aim of making banking beautiful for over 9 million customers by the end of the year,” said Nate Clarke, GoTyme chief executive officer (CEO), in a press release.
Key initiatives driving this growth include the launch of a consumer credit product, particularly a Buy Now, Pay Later (BNPL) program. This move aligns with the Bangko Sentral ng Pilipinas (BSP)’s push for financial inclusion, which extends beyond account opening to providing access to lending services.
GoTyme is also venturing into the cryptocurrency space.
Having secured a Virtual Asset Service Provider (VASP) license from the BSP, the bank is well-positioned to offer cryptocurrency services to its customers and merchants.
This strategic move responds to the increasing demand for digital assets and aligns with the evolving financial landscape.
Earlier this year, the digital bank has forged a strategic partnership with the BSP to provide a seamless way for Filipinos to convert their loose change into savings.
GoTyme Bank is the first financial institution to integrate with the BSP’s innovative coin deposit machines (CoDMs), launched to help combat the country’s artificial coin shortage and encourage coin recirculation.
This partnership marks a significant milestone for both GoTyme Bank and BSP, furthering financial inclusion by making it easier for individuals to deposit their coins, which often go unused.
In 2023, the BSP launched a campaign encouraging Filipinos who have accumulated idle coins to convert them into e-wallet credits or shopping vouchers by using Coin Deposit Machines (CoDM).
These CoDMs were installed in key locations within the Greater Manila Area: two in SM Mall of Asia, Pasay City; and one each in SM City North EDSA in Quezon City, SM City Fairview, also in Quezon City; SM City San Lazaro in Manila; SM City Bicutan in Parañaque; SM City Bacoor in Cavite; SM Megamall in Mandaluyong City; SM City Grand Central in Caloocan; SM City Marilao in Bulacan; SM City Taytay in Rizal; and SM Hypermarket FTI in Taguig City.
In addition to this partnership, GoTyme is also seeking another BSP license to enable it to offer local equities services. This additional service will provide customers with a broader range of investment opportunities.
GoTyme completes a Series D capital raise in NY
To fuel its growth, GoTyme recently completed a Series D capital raise led by Nu, a digital bank listed on the New York Stock Exchange.
This investment will provide the bank with capital and expertise to enhance its lending solutions and product innovation.
With the successful capital raise, Tyme Group, the parent company of GoTyme, has achieved unicorn status, boasting a valuation of $1.5 billion.
In addition to these strategic initiatives, GoTyme is committed to improving its customer experience. The bank is offering a 5% annual savings rate until February 26, 2025, as a reward to its 5 million customers.
GoTyme’s ambitious plans for 2025 position it as a leading digital bank in the Philippines.
In a related development, GoTyme Bank’s major shareholders, JG Summit and Tyme Group, recently acquired SAVii, the largest fintech salary lender in the Philippines to further accelerate its growth and enhance its product offerings.
SAVii, founded in 2017, has become the market leader in salary lending with a loan book exceeding PHP3 billion. Serving over 500,000 employees across 150 major Philippine corporations, SAVii has been recognized as the “Top Employee Benefit Provider” by HR Tech Magazine in 2022 and 2023.
The acquisition of SAVii is expected to propel GoTyme Bank’s expansion into payroll-enabled financial products, aligning with the Bangko Sentral ng Pilipinas’ call to broaden lending to Filipinos.
By integrating SAVii’s credit offerings into its lending and payroll proposition, GoTyme Bank aims to capture a significant share of the employed population in the Philippines.