GoTyme Bank, a prominent digital challenger in the Philippines, has finalized its acquisition of Manila-based lendtech SAVii, marking a significant move to enhance the bank’s array of financial products tailored to the payroll sector.
Established in 2017 by CEO Liam Grealish alongside Benoit Portoleau-Balloy and Javier Frasseto, SAVii asserts its position as the largest salary lender in the Philippines, boasting a loan portfolio exceeding PHP3 billion and serving more than 500,000 employees across 150 corporations.
The agreement, facilitated by GoTyme Bank’s shareholders, including JG Summit and Tyme Group, positions the bank to seamlessly integrate SAVii’s credit solutions into its lending and payroll platforms.
Nate Clarke, President and CEO of GoTyme Bank, expressed his enthusiasm about the acquisition, stating, “This acquisition aligns with our strategy of strengthening customer relationships by offering payroll and financial products that benefit both employees and their employers.”
With this strategic move, GoTyme Bank aims to consolidate its position in the market, especially after recently introducing an earned wage access (EWA) service. The undisclosed deal underscores the bank’s commitment to capturing a significant market share of the employed population in the Philippines.
In the past year, GoTyme Bank has focused on bolstering its digital infrastructure. Notably, it adopted Mambu’s core banking solution in January, followed by a partnership with Nice Actimize in September to implement financial crime solutions, demonstrating its dedication to technological advancement and customer-centric services.
Source: fintechfutures.com
