GoTyme Bank ready to disrupt PH banking: Lance Gokongwei excited about the future with backing from Brazil’s largest digital lender
GoTyme Bank, the fintech firm backed by the Gokongwei family, is making waves in the Philippines’ rapidly growing digital banking sector, and its latest partnership signals even bigger things to come.
With its parent company, Singapore-based Tyme Group, achieving unicorn status following a $250 million funding round led by global fintech powerhouse Nubank, GoTyme Bank is setting its sights on becoming the region’s next digital banking leader.
Listed on the New York Stock Exchange with over 110 million customers and a $57 billion market capitalization, Nubank invested $150 million in Tyme Group. The funding round also saw participation from M&G’s Catalyst Fund, contributing $50 million, along with existing investors including the Gokongwei Group, Tencent, and British International Investment, who added another $50 million.
This capital raise pushed Tyme Group’s valuation to $1.5 billion, positioning GoTyme Bank to accelerate its growth and further disrupt the Philippine banking sector.
The partnership will enable GoTyme Bank to tap into Nubank’s expertise in developing innovative banking products that resonate with digital-savvy consumers, particularly in the areas of lending and accessible financial services.
“We believe this partnership accelerates our path to becoming the largest and most loved retail bank in the Philippines,” said GoTyme Bank CEO Nate Clarke. “From the first meeting with David and Nubank over a year ago, there has been a strong strategic and cultural alignment between the two teams.”
The partnership will enable GoTyme Bank to tap into Nubank’s expertise in developing innovative banking products that resonate with digital-savvy consumers, particularly in the areas of lending and accessible financial services.
“We believe this partnership accelerates our path to becoming the largest and most loved retail bank in the Philippines,” said GoTyme Bank CEO Nate Clarke. “From the first meeting with David and Nubank over a year ago, there has been a strong strategic and cultural alignment between the two teams.”
David Vélez, CEO and co-founder of Nubank, noted the significant opportunity to scale digital banking in Southeast Asia, emphasizing that GoTyme Bank is uniquely positioned to lead the charge in the Philippines.
“We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,” Velez said.
Source: https://bilyonaryo.com/2024/12/17/gotyme-bank-ready-to-disrupt-ph-banking-lance-gokongwei-excited-about-the-future-with-backing-from-brazils-largest-digital-lender/money/?fbclid=IwY2xjawHR-V5leHRuA2FlbQIxMQABHbdA9O3qGCypi49djO1-ajP6ZptVMgT9Mo2-X76Jw5J_AGO5Y-IMsO3v3A_aem_VuziNhB-hsGSb5hAFjtgNA
