Philippine-based digital banking operator GoTyme Bank has, through its shareholders – Tyme and JG Summit – acquired local fintech salary lender SAVii [formerly known as Uploan], the company said on Tuesday.
Financial terms of the deal remain undisclosed.
Tyme Group and JG Summit’s acquisition of SAVii is expected to accelerate GoTyme Bank’s growth and path to profitability. GoTyme Bank said it is already on a faster trajectory compared to Tyme’s South Africa, which broke even in December 2023 within five years of operation.
GoTyme started offering an earned wage access (EWA) feature in April to employees of select companies – enabling eligible employees to access their pay every day.
“This acquisition enables us to accelerate our strategy of deepening customer relationships by offering payroll and financial products that benefit both employees and their employers,” said Nate Clarke, GoTyme Bank president and CEO, in a statement.
Established in 2017 by CEO Liam Grealish along with Benoit Portoleau-Balloy and Javier Frasseto, SAVii has emerged as the market leader in salary lending in the country, boasting a loan portfolio exceeding $52 million. With a clientele spanning over 150 major Philippine corporations, SAVii serves upwards of 500,000 employees.
According to DealStreetAsia’s DATA VANTAGE, Uploan Asia Pte Ltd has raised a total of $16 million in equity funding since its inception. In 2021, the firm raised $15 million from Lendable, a UK-based provider of debt to fintech companies in emerging and frontier markets.
On the other hand, Tyme Group has raised more than $273 million in equity funding to date while GoTyme Bank has secured $22.85 million in equity funding from its parent companies this year.
GoTyme Bank was launched in the Philippines in October 2022 as a joint venture between Tyme with local conglomerate Gokongwei Group whose businesses range from manufacturing to retail.
In an interview with DealStreetAsia last month, TymeBank CEO Coenraad Jonker said that GoTyme Bank now has 3 million customers in less than two years of operations. GoTyme Bank aims to break even in 2025.
The firm is also set to strengthen its foothold in Southeast Asia’s emerging markets by launching in Vietnam and Indonesia this year.
