GoTyme Counters Claims of Substantial Losses, Cites Growth and Adoption Metrics

GoTyme Counters Claims of Substantial Losses, Cites Growth and Adoption Metrics

by April 17, 2024

In response to a report published by an online news portal claiming GoTyme Bank faced considerable losses in 2023, the digital bank has labelled these assertions as “incomplete, sensationalised, and misleading.”

GoTyme, a venture between the Gokongwei Group of Companies and the global digital banking group Tyme, has refuted the claims detailing losses of P247 million in its first full year after launching in October 2022, a significant increase from the P910 million pesos loss reported in the previous year.

Nate Clarke

Nate Clarke

Nate Clarke, the President and CEO of GoTyme Bank, commented in a statement,

“The bank has performed extremely well, and our growth is translating to deep adoption.”

He supported his assertions by referencing key performance metrics:

“We ranked eighth in money sent and ninth in money received in Instapay transactions, as per Bancnet. Additionally, we are the third most active finance app in the country, according to The GoTyme Bank Visa debit card is also the fourth most active among Visa debit cards, according to Euromonitor.”

Nate addressed the bank’s profitability timeline by explaining,

“It normally takes five to seven years for a digital bank to post a profit. Based on our current trajectory, GoTyme Bank is likely to achieve profitability by the end of 2025.”

Albert Tinio

Albert Tinio

This perspective was echoed by Albert Tinio, co-CEO of GoTyme, who emphasised the strategic efforts underpinning their financial approach:

“Our prioritisation of innovation and customer acquisitions in our first year of operations has us on track toward profitability in record time.”

The increase in the bank’s international card transactions was particularly noticeable in March when Taylor Swift’s six sold-out shows in Singapore, as part of her Eras Tour, coincided with a 350% surge in month-on-month overseas card transactions.

Nate commented on the demographic impact of these events, saying,

“While this dramatic uptick reflects the activity of a significant demographic of GoTyme users in the country — banked millennials that can afford to travel and watch shows abroad — GoTyme has also been attracting a good chunk of older adults and members of the working class, such as delivery personnel and ride-hailing app drivers.”

Nate concluded, “Practically everyone is on GoTyme,” attributing the bank’s significant customer base to its excellent customer experience and better value from lower fees, higher savings rates, and bigger rewards.