GoTyme’s parent companies are earmarking this significant funding injection to accelerate the bank’s lending operations. It will also help propel its broader expansion plans within the Philippine digital banking landscape.
Regulatory filings in Singapore confirmed the capital infusion. USD $4.6 million came from JG Summit Holdings, with an additional USD $5.8 million provided by Tyme Investments, a subsidiary of Singapore-based Tyme Group.
GoTyme CEO Albert Tinio confirmed the capital raise. He also stated that a planned series of infusions will push the bank’s growth plans forward.
Albert Tinio
“We’re entering an exciting phase as we expand into lending and broaden the services we offer to our customers. The continued support from Tyme Group and JG Summit is a strong signal of their belief in the journey we’re on,” he added.
The continued backing from both Tyme Group and JG Summit signals strong confidence in GoTyme’s strategic direction.
The recent capital infusion arrives as GoTyme solidifies its position in the Philippine digital banking sector. As of December 2024, the bank reported a total loan portfolio of PHP 5.1 billion (USD $269 million) and a deposit base of PHP 25 billion (USD $450 million). According to the Bangko Sentral ng Pilipinas (BSP), these metrics position it as the second-largest digital bank in the country.
Looking ahead, GoTyme’s growth pipeline is set to include several key initiatives. These involve plans to introduce crypto investment features, expand into Indonesia and Vietnam, offer loan products for micro, small, and medium enterprises, and roll out QR-based credit cards.
Bank officials have previously stated GoTyme’s ambition to achieve profitability by 2026.
