GoTyme Bank Expands Payroll and Lending Reach with Acquisition of SAVii

GoTyme Bank Expands Payroll and Lending Reach with Acquisition of SAVii

by May 7, 2024

GoTyme Bank, a rapidly growing financial institution in the Philippines, is poised to enhance its payroll-linked financial services with the recent acquisition of SAVii by GoTyme’s major stakeholders, Tyme and JG Summit.

SAVii, founded in 2017 by CEO Liam Grealish alongside Benoit Portoleau-Balloy and Javier Frasseto, has garnered a loan book exceeding US$52 million within the salary lending space, serving over 500,000 employees across 150 of the Philippines’ premier corporations. Notably, it clinched the Top Employee Benefit provider accolade in both 2022 and 2023, as recognised by HR Tech Magazine.

Tyme Group and JG Summit’s acquisition of SAVii is poised to propel GoTyme Bank’s growth trajectory, expediting its journey to profitability. This progress is notable for outpacing Tyme’s South Africa operations, which achieved breakeven in December 2023 within five years of establishment.

By adding SAVii’s credit offerings into GoTyme Bank’s lending and payroll portfolio, the alliance anticipates a substantial market share capture among the Filipino workforce.

Last month, GoTyme began offering an earned wage access (EWA) feature to select company employees, enabling eligible individuals to access their pay daily.

Nate Clarke

Nate Clarke

Nate Clarke, President and CEO of GoTyme Bank, representing the bank’s shareholders, noted that,

“This acquisition enables us to expedite our strategy of cultivating customer relationships by furnishing payroll and financial products that benefit both employees and employers.”

Acknowledging the enduring challenge of low consumer credit penetration in the Philippines, which has often resulted in consumers turning to informal lending services and apps, Nate emphasised,

“This acquisition marks a pivotal stride towards addressing the perennial issue of limited access to dependable and affordable credit among Filipino consumers.”

Nate also confirmed bringing SAVii’s employee benefits services to parent Tyme’s other operational territories, and possibly including the upcoming Indonesia operations that is expected to commence later this year.

“The collaboration with SAVii will extend the seamless and elegant GoTyme banking experience to additional companies and their employees in the Philippines, as well as to Tyme’s other operational countries, including South Africa and Vietnam, with plans for a third country,”

he added.

 

 

Featured image credit: Edited from Freepik