GoTyme On Track to Double User Base, Targets 10 Million Users in Four Years

GoTyme On Track to Double User Base, Targets 10 Million Users in Four Years

by April 25, 2024

GoTyme Bank Corp, backed by the Gokongwei group, is on track to surpass its initial five-year goal. by achieving a milestone of 10 million users within just four years instead of five as previously projected.

Nathaniel Clarke, the digital bank’s president and chief executive officer, expressed in an interview with GMA News Online that GoTyme is anticipated to secure 5 million users by the end of 2024, effectively doubling its current user base of about 3 million. Nate noted that 70% of those have a positive balance with the digital bank, 50% log in every month, and 35% do swipes.

Nate Clarke

Nate Clarke

Nate also elaborated on the swift growth trajectory of GoTyme Bank‘s user base, stating,

“We’ll hit 5 million this year which would be, which is essentially 5 million in two years, so I think we can hit 10 million in four years instead of five.”

This growth has been rapid, with the first million users joining in just over nine months, the second million in a little over five months, and the third million in four months.

Regarding profitability, Nate mentioned that the focus is currently more on scaling up, though profitability is expected by 2025.

“I think we’re much more focused on building that scale of engagement and then the profitability will come. On whether we break even at the end of the next year, that’s our plan,”

he said.

The bank’s strategy for growth is anchored in radically improving the customer experience, a shift from the time-intensive processes of traditional banking. Nate believes this improvement is a key driver of their rapid user increase.

Albert Tinio

Albert Tinio

Albert Tinio, co-CEO and chief commercial officer, also commented on the bank’s growth and profitability projections in comparison with its sister TymeBank in South Africa which became one of the world’s fastest profitable digital-only banks, saying,

“We’re growing much faster in terms of users, in terms of transactions, in terms of even revenue. If Tyme hit profitability in five years, we’re projecting that we’re going to hit profitability much faster than Tyme because all of our trends are faster than our sister company.”

This streamlined approach and customer-focused strategy appear to be core elements propelling GoTyme’s swift expansion and pathway to earlier-than-anticipated profitability.



Featured image credit: GoTyme Bank