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June 23, 2024

GoTyme Bank strengthens payroll play with SAVii acquisition

GoTyme Bank, a collaboration between the Gokongwei family and a Singapore-based digital banking group, is poised to expand its range of payroll-enabled financial products following its recent acquisition of SAVii, a leading fintech salary lender.

Established in 2017 by CEO Liam Grealish alongside Benoit Portoleau Balloy and Javier Frasseto, SAVii, formerly known as Uploan, has emerged as a market leader in salary lending, boasting a loan portfolio exceeding P3 billion and catering to over 500,000 employees across 150 major Philippine corporations.

Recognized as the Top Employee Benefit provider in 2022 and 2023 by HR Tech Magazine, SAVii’s acquisition by GoTyme Bank’s stakeholders, JG Summit Holdings and Tyme Group, is set to accelerate GoTyme’s growth trajectory and drive profitability.

Together, GoTyme Bank and SAVii aim to deliver a comprehensive suite of payroll-enabled financial solutions to Filipino companies, empowering HR leaders to unlock their employees’ financial potential with the security and convenience of banking services.

By integrating SAVii’s credit offerings into GoTyme Bank’s lending and payroll offerings, the two entities are poised to capture a significant share of the employed population in the Philippines.

Additionally, GoTyme Bank recently introduced an earned wage access (EWA) feature for employees of select companies, enabling them to access their pay daily. This expansion of GoTyme Bank’s payroll-enabled financial products aligns with the Bangko Sentral ng Pilipinas’ call to broaden lending access for Filipinos.

Nate Clarke, president and CEO of GoTyme Bank emphasized that this acquisition will enable them to strengthen customer relationships by offering tailored payroll and financial products benefiting both employees and employers.

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