GoTyme posts P17 billion deposits, 1.7 million new customers in H1

MANILA, Philippines — The total deposits of digital lender GoTyme Bank reached P17.3 billion after onboarding 1.7 million customers in the first half, bringing its total customer base to 3.7 million since its launch in November 2022.

This makes the digital bank on track to hitting its goal of onboarding five million customers and over P20 billion in deposits by end-2024.

GoTyme Bank president and CEO Nathaniel Clarke said they wish to be the fastest growing bank by monthly customers added by the end of the year.

“In similar fashion, we’re very excited to share that we’ve grown to 3.7 million customers (as of June) from two million customers (in end-2023), making us the fastest growing bank in the Philippines,” Clarke said.

Beyond customer growth, he noted that GoTyme is the fastest-growing digital bank by other measures as well, including monthly app downloads, monthly active app users, InstaPay transactions and Visa debit card transactions.

The digital bank said monthly transactions via the app grew seven times in the first half mainly due to over 250,000 new customers per month.

GoTyme Bank co-CEO Albert Raymund Tinio said that the bank is on track to onboard five million customers in just two years.

“When we announced that we hit three million, we were computing what’s our track or trend to hitting by the end of the year,” he said. “And we’re on track to hit that five million that we committed to.”

GoTyme Bank is also further strengthening its position in the country with a heavier focus on making banking products and processes simpler and more convenient.

“At GoTyme Bank, we don’t settle for things that merely work; we strive to create products and offer services that work beautifully,” GoTyme Bank chief marketing officer Raymund Villanueva said.

“From the moment you sign up to managing your finances, to interacting with our customer service team, GoTyme Bank ensures that your experience is not just efficient but also beautiful,” Villanueva added.

The Gokongwei-led digital lender is looking to launch international accounts, which will allow Filipinos who live in more than 170 countries and over 80 different financial institutions to open a GoTyme account using an international SIM card.

A collaboration between the Gokongwei Group and Tyme Group, GoTyme Bank is one of the six digital banks licensed to operate by the Bangko Sentral ng Pilipinas.