Fast-growing digital bank GoTyme is set to propel the expansion of its payroll-enabled financial products through the recent acquisition of SAVii by GoTyme’s major shareholders. 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 P3 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 HR Tech Magazine. The acquisition of SAVii by GoTyme Bank shareholders, JG Summit and Tyme Group, will boost GoTyme’s growth trajectory while expediting its path to profitability. By integrating the SAVii credit offering into GoTyme Bank’s lending and payroll proposition, the two are poised to capture a significant market share of the employed population in the Philippines.
Last month, GoTyme started offering an earned wage access (EWA) feature to employees of select companies – enabling employees to access their pay every day. The expansion of GoTyme Bank’s payroll-enabled financial products is also aligned with the call of the Bangko Sentral ng Pilipinas to expand lending to Filipinos. “This acquisition enables us to drive our strategy of deepening customer relationships by offering payroll and financial products that benefit both employees and their employers,” s.
