GoTyme Bank Acquires One of the Largest Salary Lenders in the Philippines
GoTyme Bank Acquires One of the Largest Salary Lenders in the Philippines
Digital bank GoTyme has officially acquired one of the biggest salary lenders in the Philippines: SAVii. The acquisition led by JG Summit and Tyme Group, both shareholders of the Gokongwei-backed bank, is expected to scale up the rollout of payroll-enabled financial products.
SAVii, previously known as Uploan, claims to be the leading salary lender in the country, with a loan book of more than P3 billion. Founded in 2017, it currently serves over 500,000 employees across 150 Philippine-based corporations.
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“This acquisition enables us to drive our strategy of deepening customer relationships by offering payroll and financial products that benefit both employees and their employers,” Nate Clarke, president and chief executive officer of GoTyme Bank, said.
GoTyme Bank specifically aims to create a “payroll-enabled suite” of financial products for Philippine companies. By integrating the credit offerings of SAVii to its lending and payroll services, the digital bank is optimistic of capturing a “significant” market share among the workforce. This is also seen to address the low consumer credit penetration in the country, which is pushing people to turn to informal lenders, like online applications.
“This acquisition is a pivotal step toward resolving the [long-standing] issue of limited access to reliable and affordable credit among Filipino consumers,” Clarke said.
“For us at SAVii, salary is more than just take-home pay. It’s the safest vehicle to financial empowerment,” said SAVii CEO Liam Grealish. “Teaming up with GoTyme Bank was a clear and obvious path in our mission to assist individuals in accessing formal finance.”
GoTyme Bank, a joint venture between the Gokongwei Group and the Singapore-based digital bank Tyme, is one of only six digital banks authorized by the Bangko Sentral ng Pilipinas to operate in the country.
The Gokongwei Group runs Summit Media, which publishes Esquire Philippines.