JG Summit buys out BPI from Tyme
GoTyme Bank has earned 3 million users in 17 months and was named the top 4 bank in active Visa cards, top 4 bank in active users, ranked third among finance apps, and seventh in Instapay transactions
Daily TribuneGoTyme Bank has earned 3 million users in 17 months and was named the top 4 bank in active Visa cards, top 4 bank in active users, ranked third among finance apps, and seventh in Instapay transactions
GoTyme Bank’s major shareholders, JG Summit and Tyme announced on Thursday the buyout of Bank of the Philippine Islands’ or BPI remaining minority shareholding in GoTyme Bank at a premium.
BPI assumed a minority stake in GoTyme Bank following its merger with Robinsons Bank in January 2024.
Recently, the board of directors of the JG Summit Capital Services Corp., and Tyme Group approved plans to buy the minority stake of BPI, subject to regulatory approval.
Since its launch, GoTyme Bank has earned 3 million users in 17 months and was named the top 4 bank in active Visa cards, top 4 bank in active users, ranked third among finance apps, and seventh in Instapay transactions. Confident in its profitability, GoTyme Bank expects to break even faster than its sister bank, TymeBank South Africa, which is one of the world’s fastest growing digital banks with 8.5 million customers as of 2023.
GoTyme Bank CEO, Nate Clarke, confirms: “GoTyme Bank is excited to see how the rapid growth showcased since our launch has translated into increased conviction and confidence from our largest shareholders, JG Summit and Tyme Group, particularly with their buy-out of BPI’s remaining minority stake. We believe that the JG Summit Group re-establishing itself as the largest shareholder of GoTyme Bank puts us in an even stronger position on our journey to become the number one bank in the Philippines.”
For his part, Lance Gokongwei, president and CEO of JG Summit Holdings Inc., said, GoTyme Bank’s performance since its commercial launch in late 2022 has exceeded our expectations and increased our confidence that it will drive a significant improvement to how customers experience financial services in the Philippines.
“Along with our partner Tyme Group, the JG Summit Group will continue to provide the required support and investment to make GoTyme a game changer in the Philippine market,” he said.
With an increasing percentage of the population switching to digital banking, GoTyme Bank foresees continuous growth and expansion, extending its preferred banking offers to more Filipinos around the country.