The largest salary lender in the Philippines was acquired by GoTyme.

The biggest fintech salary lender in the nation, SAVii, has been acquired by JG Summit and Tyme Group, the digital bank announced in a statement.

Employees can borrow money between paychecks with a salary loan, and the amount will be deducted from their subsequent pay period.

SAVii now has a loan book of more than P3 billion and serves more than 500,000 employees across 150 of the largest Philippine firms.

According to GoTyme, the acquisition of SAVii would enable them to offer more payroll-enabled loan solutions, which will accelerate their company's growth and enable them to turn a profit earlier.

According to GoTyme, the acquisition will enable them to include SAVii's credit offering into their payroll and loan offering, giving them a substantial advantage over the Philippines' employed population.

Working with GoTyme, according to SAVii CEO Liam Grealish, is "a clear and obvious path in our mission to assist individuals in accessing formal finance."

He said, "SAVii can now offer its customers a more comprehensive banking proposition."

Nate Clarke, the CEO of GoTyme, stated that the acquisition will address the long-standing problem of Filipinos' restricted access to credit that is both dependable and reasonably priced.

GoTyme claimed to have 2.5 million users countrywide as of February. 

News source:

https://news.abs-cbn.com/business/2024/5/7/nia-to-sell-p29-kg-rice-by-august-1500

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