GoTyme Bank has announced that it has booked deposits totalling P17.3 billion, driven by a significant increase in new customers.
The digital bank has reached 3.7 million customers by the end of June, adding 1.7 million new users since the end of 2023 amidst an increase in monthly transactions.
According to the bank, monthly transactions have surged by 600% in the first half of the year, resulting in over 250,000 new customers each month.
Nathaniel D. Clarke, President and Chief Executive Officer of GoTyme Bank, stated of the deposits hike as well as the bank’s overall growth,
“We want to be the fastest growing bank by monthly customers added by the end of the year[…] We’ve grown from 2 million customers (at end-December 2023) to 3.7 million customers, adding over 250,000 per month, making us the fastest-growing bank in the Philippines.”
Nate also mentioned that the bank is “on track” to reach 5 million users by the end of the year.
“If you look beyond customer growth, by several other measures, we’re also the fastest growing in the country. So, if you look at monthly downloads, app downloads, we’re the number one bank.
If you look at growth in monthly active app users, we’re number one. Then if you look at growth in InstaPay transactions month on month, we’re number one…”
Nate went on.
As part of its new campaign, GoTyme Bank plans to launch new products and features. The Gokongwei-led digital lender will introduce international accounts, allowing Filipinos abroad to open accounts with the same features as Philippine-based accounts.
Additionally, GoTyme Bank will roll out a Mobile Check Deposit feature, enabling users to deposit checks worth up to P499,999.99 via the GoTyme app, including post-dated checks. Users will soon be able to use points to pay for load or gaming credits through GoRewards.
GoTyme Director of Information Technology and Operations Gigi Puno announced that the bank will add 40 new billers to its bills payment feature by next month. The digital lender will continue to partner with more merchants and plans to roll out more kiosks and automated teller machines within the year, according to GoTyme Bank Chief Marketing Officer Raymund S. Villanueva.
GoTyme Bank is a partnership between the Gokongwei group, holding a 60% stake, and Singapore-based Tyme, which holds 40%. It is one of six digital banks licensed to operate by the Bangko Sentral ng Pilipinas.
The online lender began commercial operations in October 2022 and aims to grow its customer base to five million by the end of this year, with expectations to turn a profit within the next three years.
Featured image credit: Edited from GoTyme Bank
