{"id":63169,"date":"2024-05-08T10:39:49","date_gmt":"2024-05-08T02:39:49","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=63169"},"modified":"2024-05-08T10:39:52","modified_gmt":"2024-05-08T02:39:52","slug":"gotyme-banks-shareholders-acquire-savii","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2024\/05\/08\/gotyme-banks-shareholders-acquire-savii\/","title":{"rendered":"GoTyme Bank\u2019s shareholders acquire SAVii"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>GoTyme Bank, one of the fastest growing banks in the country, is set to propel the expansion of its payroll-enabled financial products through the recent acquisition of SAVii by GoTyme\u2019s major shareholders.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">SAVii is the largest fintech salary lender in the Philippines. Founded in 2017 by its CEO Liam Grealish with Benoit Portoleau-Balloy and Javier Frasseto, SAVii (previously known as Uploan) has become the market leader for salary lending with a loan book of over PHP3 billion. Serving more than 500,000 employees across 150 of the biggest Philippine corporations, it was awarded the Top Employee Benefit provider in 2022 and 2023 by <em>HR Tech Magazine<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The acquisition of SAVii by GoTyme Bank shareholders, JG Summit and Tyme Group, will boost GoTyme\u2019s growth trajectory while expediting its path to profitability.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Together, GoTyme Bank and SAVii aim to provide Filipino companies with the best payroll-enabled suite of financial products, helping HR leaders unlock their employees\u2019 financial potential with the convenience and security of a bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Expanding credit products&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By integrating the SAVii credit offering into GoTyme Bank\u2019s lending and payroll proposition, the two are poised to capture a significant market share of the employed population in the Philippines.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last month, GoTyme started offering an earned wage access (EWA) feature to employees of select companies \u2013 enabling employees to access their pay every day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The expansion of GoTyme Bank\u2019s payroll-enabled financial products is also aligned with the call of the Bangko Sentral ng Pilipinas to expand lending to Filipinos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis acquisition enables us to drive our strategy of deepening customer relationships by offering payroll and financial products that benefit both employees and their employers,\u201d says Nate Clarke, GoTyme Bank president and CEO, on behalf of the bank\u2019s shareholders.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor us at SAVii, salary is more than just take-home pay\u2014it\u2019s the safest vehicle to financial empowerment. Teaming up with GoTyme Bank was a clear and obvious path in our mission to assist individuals in accessing formal finance. We are excited with the opportunities it opens for our partner companies and their employees.\u201d says Grealish. \u201cSAVii can now offer a more comprehensive banking proposition to its customers.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For its part, GoTyme Bank has always been aware of the persistent challenge of low consumer credit penetration in the Philippines, which has had people turning to informal lenders including some online apps. \u201cThis acquisition is a pivotal step toward resolving the longstanding issue of limited access to reliable and affordable credit among Filipino consumers,\u201d says Clarke.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clarke adds, \u201cThe partnership with SAVii will open up the simple and beautiful GoTyme banking experience to more companies and their employees.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition of SAVii by GoTyme Bank shareholders, JG Summit and Tyme Group, will boost GoTyme\u2019s growth trajectory while expediting its path to profitability.\u00a0<\/p>\n","protected":false},"author":6,"featured_media":63179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[4867,7398],"class_list":["post-63169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-banking-industry","tag-gotyme-bank"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/63169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=63169"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/63169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/63179"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=63169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=63169"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=63169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}