GoTyme aims for 9M users by 2025

A top official of GoTyme Bank, a collaboration between the Gokongwei Group of Companies and Tyme Group, revealed that they aim to onboard 4 million additional customers by 2025, bringing their total to 9 million. This growth is driven by various projects set to launch next year.

In an exclusive interview with the DAILY TRIBUNE’s digital show Straight Talk, Albert Tinio, co-CEO of GoTyme, shared that the target of 9 million customers stems from initiatives slated for 2025, including the launch of a consumer credit product.

“Our customers are clamoring for us to offer a consumer lending product, the Buy Now Pay Later program, which will be introduced in 2025. This product is direct to consumers. The Bangko Sentral ng Pilipinas (BSP) is also pushing for lending products to better serve our customers. When BSP talks about financial inclusion, it’s not just about opening accounts but also about providing access to lending products,” Tinio explained.

He added that the Buy Now Pay Later program would benefit current and future customers as well as merchants. A similar program has already been launched by their sister company, Tyme Group, in South Africa.

“The second initiative is that GoTyme is entering the cryptocurrency space. A Virtual Asset Service Provider (VASP) license from the BSP is required for us to operate in crypto. Fortunately, four weeks ago, the BSP granted us the license. Crypto services are in high demand among our merchants and customers. We gained the BSP's trust in providing secure and reliable crypto services,” Tinio said.

A VASP license is mandatory for digital banks to offer cryptocurrency services, commonly referred to as digital tokens.

Cryptocurrency is a type of digital currency that allows individuals to make payments directly to one another through an online system.

Additionally, Tinio mentioned that they are awaiting another license from the BSP to allow GoTyme to offer local equities services.

“Hopefully, by mid-2025, this license will also be granted. For cryptocurrency services, we plan to launch by late Q1,” Tinio revealed.

Earlier, GoTyme announced that Tyme Group and Nubank (Nu) had led its Series D capital raise.

Nu is a digital bank listed on the New York Stock Exchange (NYSE) with 110 million customers and a market capitalization exceeding $57 billion.

Tinio explained that Nu's investment in Tyme Group would benefit both GoTyme Bank Philippines and TymeBank South Africa by providing capital for growth and expertise in lending solutions and product innovation.

After completing its latest funding round, Tinio shared that Tyme Group achieved unicorn status, securing $250 million in new investments, leading to a post-money valuation of $1.5 billion.

Tyme’s oversubscribed Series D capital raise was led by Nu, which contributed $150 million, while M&G’s Catalyst Fund invested $50 million.