GoTyme eyes 9M customers next year
A top official of GoTyme Bank, a collaboration between the Gokongwei Group of Companies and the Tyme Group, said they are eyeing to onboard four million customers by 2025, which would add to its current 5.1 million depositors with various projects in the pipeline.
In an exclusive interview on DAILY TRIBUNE’s digital show Straight Talk, Albert Tinio, co-CEO of GoTyme, said their target of nine million customers by next year is a result of various projects set to launch in 2025, including a consumer credit product.
“Our customers have been requesting for a consumer lending product, specifically a buy now-pay later program, which we plan to launch in 2025. This product will be directly available to consumers. The Bangko Sentral ng Pilipinas has encouraged us to introduce a lending product to better serve our customers. When BSP talks about financial inclusion, it’s not just about opening an account but ensuring access to other financial products,” Tinio explained.
He highlighted that the buy now-pay later program will benefit both current and future customers, as well as merchants. The initiative has been successfully launched by their sister company, Tyme Group, in South Africa.
“The second one is that GoTyme is entering into cryptocurrency. A virtual asset service provider (VASP) license from the BSP is needed for us to operate crypto. Luckily, four weeks ago, the BSP gave us our license to operate for VASP. Crypto is also in high demand among our merchants and customers. We have earned the trust of the BSP in serving clients involved in crypto,” he said.
He explained that a VASP license is required for a digital bank to offer cryptocurrency services, also known as digital tokens.
Crypto, a form of digital currency, enables people to make direct payments to one another through an online system.
Further, Tinio said, they are awaiting a license from the BSP for their application to serve the local market through local equities.
“Hopefully, by mid-2025, it will also be released. For the crypto, we will launch it by late Q1,” Tinio said.
Earlier, GoTyme announced that Tyme Group and Nubank (Nu) led its Series D capital raise.
Nu is a New York Stock Exchange (NYSE) listed digital bank with 110 million customers and a market capitalization of over $57 billion.
Tinio explained that Nu’s investment in Tyme Group would benefit GoTyme Bank Philippines and TymeBank South Africa, bringing capital to support growth and expertise in lending solutions and impact product creation.
Having completed its latest investment round, Tinio said Tyme Group achieved unicorn status after securing $250 million in new money, leading to a post-money valuation of $1.5 billion.
Tyme’s oversubscribed Series D capital raise was led by Nu, which invested $150 million, with M&G’s Catalyst Fund subscribing to $50 million.
Existing shareholders, including the Gokongwei Group, Tencent, British International Investment, Norrsken 22, Blue Earth, Lavender Hill, Ethos Fund and Africa Fig Tree (Founders and Employees), are investing a further $50 million.
