GoTyme Bank Announces Acquisition of SAVii

Filipino digital challenger GoTyme Bank has announced its acquisition of Manila-based lendtech SAVii, aiming to enhance its expansion into payroll-enabled financial products.

Founded in 2017 by CEO Liam Grealish, along with Benoit Portoleau-Balloy and Javier Frasseto, SAVii claims to be the largest salary lender in the Philippines, boasting a loan book of over PHP 3 billion ($52 million) and serving more than 500,000 employees across 150 corporations.

The agreement, supported by GoTyme Bank’s shareholders and partners JG Summit and Tyme Group, will facilitate the integration of SAVii’s credit offerings into the bank’s lending and payroll services.

Nate Clarke, President, and CEO of GoTyme Bank, commented on the acquisition, stating, “This move allows us to execute our strategy of strengthening customer relationships by providing payroll and financial products that benefit both employees and employers.”

With the undisclosed deal, the bank emphasises that the combined efforts of the two companies are positioned to capture a significant market share of the employed population in the Philippines.

In recent developments, GoTyme Bank initiated an earned wage access (EWA) service last month, aligning with its focus on bolstering digital infrastructure. This effort follows the bank’s adoption of Mambu’s core banking solution in January and its partnership with Nice Actimize to implement financial crime solutions announced in September last year.