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GoTyme Bank Reaches P17.3 Billion in Deposits with Record Customer Growth
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GoTyme Bank announced that it has recorded deposits totaling 17.3 billion pesos, driven by a significant increase in new customers.
The digital bank reached 3.7 million customers by the end of June, adding 1.7 million new users by the end of 2023, with monthly transactions increasing.
According to the bank, monthly transactions increased by 600% in the first half of the year, with more than 250,000 new customers each month.
Nathaniel D. Clarke, President and CEO of GoTyme Bank, said in regards to the bank’s increased deposits and overall growth,
“We want to be the fastest growing bank from monthly customers added by the end of the year[…] We have grown from 2 million customers (as of end-December 2023) to 3.7 million customers, adding over 250,000 customers per month, becoming the fastest growing bank in the Philippines.”
Nate also said the bank is “on track” to reach 5 million users by the end of the year.
“If you look beyond customer growth, by a number of other measures, we’re also the fastest growing bank in the country. So if you look at monthly downloads, app downloads, we’re the number one bank.
If you look at the growth of monthly active users of the app, we are number one. So if you look at the growth of InstaPay transactions month over month, we are number one…”
Nate continued.
As part of its new campaign, GoTyme Bank is planning to launch new products and features. The Gokongwei-led digital lender will introduce international accounts, allowing overseas Filipinos to open accounts with the same features as their Philippine accounts.
Additionally, GoTyme Bank will launch a Mobile Check Deposit Functionallowing users to deposit checks up to P499,999.99 through the GoTyme app, including post-dated checks. Users will soon be able to use points to pay for reload or gaming credits through GoRewards.
GoTyme Director of Information Technology and Operations Gigi Puno announced that the bank will add 40 new billers to its bill payment feature within the next month. The digital lender will continue to partner with more merchants and plans to launch more kiosks and ATMs this year, according to GoTyme Bank Chief Marketing Officer Raymund S. Villanueva.
GoTyme Bank is a partnership between Gokongwei Group, which holds a 60% stake, and Singapore-based Tyme, which holds 40%. It is one of six digital banks licensed to operate by Bangko Sentral of the Philippines.
The online lender started commercial operations in October 2022 and aims to increase your customer base to five million by the end of the year, with expectations of making a profit within the next three years.
Featured image credit: modified by GoTyme Bank