GoTyme targets 9 million users, Tyme Group raises $250 million

MANILA, Philippines —  GoTyme Bank, is aiming to sustain its growth momentum next year as it is set to launch new features, targeting to reach nine million users by the end of 2025.

In a statement yesterday, the bank said it hit its five-million-user milestone in two years since its launch.

“Reaching five million customers in under two years is a testament to the trust that Filipinos have placed in GoTyme Bank. We are both humbled and inspired by the support of our customers,” GoTyme Bank CEO Nate Clarke said.

“Looking ahead to 2025, we plan to further accelerate growth with the aim of making banking beautiful for over nine million customers by the end of the year,” he added.

GoTyme Bank expects to sustain its rapid growth with new features set to launch in 2025. Among these are consumer credit, crypto trading, remittance and cash recycler machines.

The bank said the consumer credit products to be launched will cater to various needs, starting with Buy Now, Pay Later, where users can pay for purchases in easy, low-fee payment options that are lighter on the pocket.

“Offering credit is the next milestone in our journey to unlock the financial potential of Filipinos. With the launch of our Buy Now, Pay Later (BNPL) product, we’re giving customers the flexibility to manage purchases in easy, low-fee installments. This is just the start, as we continue to develop new credit products that empower Filipinos to achieve their financial goals with confidence,” GoTyme Co-CEO Albert Tinio said.

GoTyme Bank said the crypto trading feature will allow users to buy, hold and sell cryptocurrencies, while the remittance offering will allow users to send and receive money internationally via SWIFT.

The cash recycler machines, on the other hand, will enable customers to deposit and withdraw cash at the same machine, available for both GoTyme and non-GoTyme accounts.

Meanwhile, GoTyme Bank is expected to benefit from the $250 million investment raised by its major shareholder Tyme Group, as the funding is projected to fuel the next phase of growth in the Philippines and the rest of Southeast Asia.

Singapore-based Tyme Group recently announced that the New York Stock Exchange-listed Nubank (Nu) led its Series D capital raise.

“Nu’s investment in Tyme Group will benefit GoTyme Bank Philippines and TymeBank South Africa, bringing not only capital to support growth but also expertise in lending solutions and impact product creation,” GoTyme Bank said.

Tyme’s oversubscribed Series D capital raise was led by Nu, which invested $150 million, with M&G’s Catalyst Fund subscribing for $50 million.

Existing shareholders, including the Gokongwei Group, Tencent, British International Investment (BII), Norrsken 22, Blue Earth, Lavender Hill, Ethos Fund and Africa Fig Tree (Founders and Employees), are investing a further $50 million.

“Having completed its latest investment round, Tyme Group achieved unicorn status after securing a total of $250 million in new money,” leading to a post-money valuation of $1.5 billion,” the bank said.

The Tyme Group said its partnership with Nu is a vote of confidence from the most successful digital bank, which has 110 million customers and a market capitalization of over $57 billion.

“Since the beginning of Nubank, we have believed that the future of financial services globally is of digitally native companies. We have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia,” Nu founder and CEO David Vélez said.

“We are excited to work with Tyme to share many of our learnings on scaling this model to hundreds of millions of customers,” he added.

For his part, Tyme Group founder and CEO Coen Jonker emphasized the significance of the strategic partnership.