Filipino digital bank GoTyme has onboarded 1.7 million new customers in the first half of 2024, bringing its total user base to 3.7 million since its launch in November 2022.
The rapid growth positions the bank on track to achieve its target of five million customers by the end of the year.
PhilStar reported that GoTyme Bank has accumulated PHP 17.3 billion in total deposits during the same period.
GoTyme Bank President and CEO Nathaniel Clarke underscored the bank’s ambition to become the fastest-growing bank in the Philippines in terms of new customers added monthly by year-end.
He noted that the bank’s customer base has grown significantly from two million at the end of 2023 to its current 3.7 million.
The bank’s growth extends beyond customer numbers, with significant increases in app downloads, active users, InstaPay transactions, and Visa debit card usage.
GoTyme Bank reported a sevenfold increase in monthly transactions through its app, largely fueled by the influx of over 250,000 new customers each month.
GoTyme Bank continues to enhance its services, focusing on simplifying banking processes and improving user experience.
Chief Marketing Officer Raymund Villanueva emphasized the bank’s commitment to offering seamless and efficient services.
Looking ahead, the digital bank plans to introduce international accounts, allowing Filipinos abroad to open accounts using international SIM cards.
GoTyme Bank, a collaboration between the Gokongwei Group and Tyme Group, is one of six digital banks licensed by the Bangko Sentral ng Pilipinas.
Earlier this month, the Bangko Sentral ng Pilipinas announced plans to allow up to ten digital banks to operate in the Philippines starting in 2025.
Featured image credit: Edited from Freepik
