GoTyme Bank, a digital bank, just acquired SAVii, a salary lender firm, signaling its planned expansion in the Philippines. SAVii boasts a loan book of over P3 billion and serves more than 500,000 employees across 150 major corporations.
The acquisition, made possible by GoTyme Bank’s stakeholders JG Summit and Tyme Group, aims to boost the bank’s growth trajectory and hasten its path to profitability. By merging forces, GoTyme Bank and SAVii envision offering Filipino companies a suite of payroll-enabled financial products, aiming to empower employees financially while ensuring the convenience and security of traditional banking.
“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,” said Nate Clarke, president and CEO, GoTyme Bank.
The integration of SAVii’s credit offerings into GoTyme Bank’s lending and payroll services is positioned to capture a significant market share among the employed population in the Philippines. Last month, GoTyme Bank introduced an earned wage access (EWA) feature, allowing select companies’ employees to access their pay daily, aligning with the Bangko Sentral ng Pilipinas’ call to expand lending across the nation.
Financial inclusion
Recognizing the persistent challenge of low consumer credit penetration in the Philippines, Clarke underscored the acquisition as a pivotal step toward resolving the issue. He emphasized that the partnership with SAVii will enable GoTyme Bank to extend its user-friendly banking experience to more companies and their employees, ultimately contributing to broader financial inclusion.
“For us at SAVii, salary is more than just take-home pay — it is the safest vehicle to financial empowerment,” said Liam Grealish, CEO of SAVii. “Teaming up with GoTyme Bank was a clear and obvious path in our mission to assist individuals in accessing formal finance.”
The acquisition signifies a strategic move for GoTyme Bank, propelling it towards a prominent position in the Philippine financial landscape while championing the cause of financial empowerment and inclusion.