- Acquisition Announcement: GoTyme Bank, a Filipino digital challenger, has acquired Manila-based lendtech SAVii to enhance its expansion into payroll-enabled financial products.
- SAVii Overview: Founded in 2017, SAVii claims to be the largest salary lender in the Philippines, with a loan book of over PHP3 billion, serving over 500,000 employees across 150 corporations.
- Acquisition Agreement: The agreement involves contributions from GoTyme Bank’s shareholders, JG Summit, and Tyme Group. It enables GoTyme Bank to integrate SAVii’s credit offering into its lending and payroll services.
- Strategic Focus: Nate Clarke, GoTyme Bank’s president and CEO, emphasizes that the acquisition aligns with the bank’s strategy of deepening customer relationships by offering payroll and financial products beneficial to both employees and employers.
- Market Potential: With the undisclosed acquisition deal, GoTyme Bank and SAVii aim to capture a significant market share of the employed population in the Philippines, leveraging SAVii’s existing customer base and loan portfolio.
- Recent Initiatives: GoTyme Bank recently launched an earned wage access (EWA) service, and the acquisition further strengthens its position in the digital banking sector. Additionally, the bank has focused on bolstering its digital infrastructure, including adopting Mambu’s core banking solution and partnering with Nice Actimize for financial crime solutions in the previous year.
