Leading fintech SAVii acquired by GoTyme Bank shareholders

May 14, 2024
Leading fintech SAVii acquired by GoTyme Bank shareholders

In a move poised to transform Filipinos’ access to next-level financial products, GoTyme Bank’s major shareholders acquired SAVii, the largest fintech salary lender in the Philippines.

The deal is positioned to boost SAVii’s operations and accelerate GoTyme Bank’s expansion of payroll-enabled financial products, aligning with the call of the Bangko Sentral ng Pilipinas to expand lending to Filipinos. 

“Teaming up with GoTyme Bank was a clear and obvious path in our mission to assist individuals in accessing formal finance. We are excited with the opportunities it opens for our partner companies and their employees,” said SAVii Founder and CEO Liam Grealish.

First launched in 2017 by Grealish with Benoit Portoleau-Balloy and Javier Frasseto,  SAVii (formerly known as Uploan) aimed to offer an alternative, formal credit option in a market that had been dominated by inaccessible and predatory lenders.

Today, SAVii is the market leader in salary lending in the Philippines with a loan book of over PHP3 billion. It serves more than 500,000 employees across 150 of the biggest Philippine corporations, providing them with safe and inclusive financial services on the basis of behavior, not generational wealth.

Match made in heaven

The acquisition deal couldn’t come at a better time. As a long-time advocate of financial wellness, SAVii always sought to enhance Filipinos’ access to formal credit and innovative financial products.  

“For us at SAVii, salary is more than just take-home pay—it’s the safest vehicle to financial empowerment. Now that we’ve joined forces with GoTyme, we can offer a more comprehensive banking proposition to our customers, ” said Grealish. 

For its part, GoTyme Bank has always been aware of the persistent challenge of low consumer credit penetration in the Philippines. Nate Clarke, GoTyme Bank President and CEO, said on behalf of the bank’s shareholders that the acquisition was a “pivotal step toward resolving the longstanding issue of limited access to reliable and affordable credit among Filipino consumers.”

This venture is also set to expedite GoTyme Bank in accomplishing its profitability goals through a payroll-enabled product suite that unlocks employees’ financial potential with the convenience and security of a bank. 

“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,” said Clarke. 

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. 

About SAVii 

SAVii is the market leader in salary lending, offering fast and convenient financial support to over half a million employees. Through partnerships with HR leaders at over 150 of the biggest Philippine corporations, we empower employees with affordable loans, advances, and financial education. SAVii is SMART certified by the Center for Financial Inclusion and has been awarded as the Top Employee Benefit of 2022 and 2023 by HR Tech Magazine. Discover more at savii.io

About GoTyme Bank 

GoTyme Bank, a regulated bank by the Bangko Sentral ng Pilipinas, is a collaboration between the Gokongwei Group of companies and the multi-country digital banking group Tyme. Powered by the extensive ecosystem of the Gokongwei Group, customers can bank where they shop, eat and relax. Through its award-winning mobile app, kiosk, and debit card, the bank offers products and services built around security, simplicity, and beauty that open up new ways of saving, spending, investing and managing its customers’ money. GoTyme Bank is banking made beautiful. Find out more at gotyme.com.ph