Digital lender GoTyme Bank has reached 7 million users and has disbursed over PHP 5 billion in loans as of the end of July, putting it on track to meet its target of nine million customers by the end of 2025. The bank also reported holding PHP 32 billion in customer deposits.

GoTyme is expanding its services, recently launching a buy-now-pay-later product and a partnership with TikTok to provide data-driven loans to online sellers. The bank also plans to roll out a local stock investing feature this quarter, with cryptocurrency trading and new self-service cash deposit and withdrawal machines to follow.

Co-CEO Albert Tinio attributed the user growth to the bank’s focus on a straightforward user experience.

“We just make it simple for people to onboard, simple for people to use … it’s where it’s convenient,” Tinio said. “All of that makes sense for them, and that’s why it’s being used.”

GoTyme’s major shareholder, Tyme Group, will support the expansion using the USD $250 million in fresh funding it recently secured, a deal that valued the company at USD $1.5 billion.

While growing its user base and loan book, GoTyme Bank reported a net loss of PHP 2.47 billion in 2023, which widened from the previous year due to higher expenses associated with its growth phase.

GoTyme Bank began commercial operations in October 2022 and is one of six digital banks licensed by the Bangko Sentral ng Pilipinas.

Its parent company is planning further expansion into other Southeast Asian markets ahead of a potential public listing in New York by 2028.

Featured image: Edited by Fintech News Philippines, based on images by benzoix via Freepik.