Digital challenger GoTyme Bank acquires salary lender fintech SAVii
Filipino digital challenger GoTyme Bank has announced that it has acquired Manila-based lendtech SAVii to help boost the bank’s expansion into payroll-enabled financial products.
GoTyme Bank purchases SAVii for its credit offering
Founded in 2017 by its CEO Liam Grealish alongside Benoit Portoleau-Balloy and Javier Frasseto, SAVii claims to be the largest salary lender in the Philippines, with a loan book of over PHP 3 billion ($52 million), serving over 500,000 employees across 150 corporations.
The agreement, contributed to by GoTyme Bank’s shareholders along with JG Summit and Tyme Group, will enable the bank to integrate SAVii’s credit offering into its lending and payroll services.
Commenting on the move, Nate Clarke, GoTyme Bank president and CEO, states: “This acquisition enables us to drive our strategy of deepening customer relationships by offering payroll and financial products that benefit both employees and their employers.”
The bank, having recently initiated an earned wage access (EWA) service last month, asserts that with the undisclosed deal, the two companies are “poised to capture a significant market share of the employed population in the Philippines”.
Last year, GoTyme Bank was seen to focus on bolstering its digital infrastructure. In January, the digital challenger disclosed its adoption of Mambu’s core banking solution, followed by an announcement in September of its partnership with Nice Actimize to implement its financial crime solutions.
