GoTyme Bank and foodpanda have joined forces to empower micro, small, and medium enterprises (MSMEs) within foodpanda’s online food and grocery delivery platform. This collaboration offers partner vendors flexible financing for working capital, providing them the financial boost they need to sustain their businesses.
The loan program directly addresses the financing challenges faced by MSMEs in today’s economic climate, characterized by rising operational costs and lack of access to funding.
It gives online food delivery entrepreneurs easy access to capital at competitive interest rates with a simple application and repayment process. The program also complements foodpanda’s existing “Negosyo Like a Panda” initiative, which offers business loans to partner vendors to fuel their business growth.
Championing Filipino MSMEs
GoTyme Bank, a collaboration of Tyme, a multi-country digital banking group, with members of the Gokongwei Group, is the country’s fastest-growing bank, with 4.5 million customers, having operated for less than two years.
foodpanda is a subsidiary of global food delivery leader Delivery Hero, an on-demand food and grocery platform headquartered in Singapore. It is committed to delivering customers their favorite meals quickly. Today it is the largest food and grocery delivery platform in Asia, operating in 11 Asian markets comprising thousands of restaurants across 400 cities. It was launched in the Philippines in 2014, and today delivers meals from curated local restaurants to food lovers nationwide. Currently operating in 150 cities and municipalities, the platform continues its expansion across the country.
This partnership aligns with GoTyme Bank’s mission to support Filipino entrepreneurs by bridging the credit gap for MSMEs, which form a growing portion of its customer base.
GoTyme Bank, together with foodpanda, empowers MSMEs to thrive by streamlining the loan application process and offering flexible repayment options. Through this partnership, foodpanda partner merchants can focus on their core operations while enjoying the convenience of paying more during peak seasons and less during lean times. This tailored approach helps MSMEs optimize their cash flow and achieve their financial goals.
“We are committed to leveraging GoTyme’s expertise in digital banking and MSME lending,” says Lhecks De Castro, foodpanda Philippines finance director. “Since majority of our partner vendors come from the MSME sector, our goal is to offer innovative and accessible loan products specifically designed for them. This partnership goes beyond digital inclusion for our MSME partners; it prioritizes their financial empowerment.” GoTyme Bank President and CEO Nate Clarke says he appreciates foodpanda’s recognition of GoTyme’s dedication to supporting MSMEs. “Through this exciting partnership, we look forward to providing entrepreneurs with the crucial financial support they need to achieve their dream business,” he says.
