GOTYME BANK has acquired fintech salary lender SAVii to offer payroll-enabled financial products.
“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,” GoTyme President and Chief Executive Officer (CEO) Nathaniel D. Clarke said in a statement on Tuesday.
The acquisition is also expected to boost GoTyme’s profitability.
The digital lender earlier said it expects to become profitable in the next three years as it expands its products and customer base.
SAVii, formerly known as Uploan, was founded in 2017 and has a loan book of more than P3 billion.
The financial technology company serves more than 500,000 employees across 150 corporations in the Philippines.
GoTyme and SAVii aim to provide Filipino companies with payroll-enabled financial products.
“For us at SAVii, salary is more than just take-home pay — it’s the safest vehicle to financial empowerment,” SAVii Chief Executive Officer Liam Grealish said in the statement.
“Teaming up with GoTyme Bank was a clear and obvious path in our mission to assist individuals in accessing formal finance. SAVii can now offer a more comprehensive banking proposition to its customers,” he added.
The digital bank said the acquisition is expected to capture a significant market share of the Philippines’ employed population.
“This acquisition is a pivotal step toward resolving the longstanding issue of limited access to reliable and affordable credit among Filipino consumers,” Mr. Clarke said.
GoTyme last month started offering earned wage access to employees of select companies.
GoTyme is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%.
It is one of the six online banks that got a license from the Bangko Sentral ng Pilipinas to operate. The others are Tonik Digital Bank, Inc.; Maya Bank; Overseas Filipino Bank; UNObank; and UnionDigital. — Aaron Michael C. Sy
