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

JG Summit and Tyme Group Acquire SAVii to Expand Payroll-Enabled Loan Solutions

In a significant move for the Philippine fintech industry, JG Summit and Tyme Group have acquired SAVii, the nation’s largest salary lender. The acquisition, announced by GoTyme Bank, is expected to accelerate the growth of payroll-enabled financial products and enhance access to formal credit for Filipino employees.

SAVii’s Market Leadership

SAVii, formerly known as Uploan, has established itself as a market leader in salary lending. With a loan book exceeding ₱3 billion, the company serves over 500,000 employees across 150 of the largest corporations in the Philippines. Its salary loan services allow employees to borrow money between paychecks, with repayments automatically deducted from their subsequent salaries.

Strategic Benefits of the Acquisition

According to GoTyme Bank, integrating SAVii’s credit offerings into its payroll and loan services will provide a substantial advantage in catering to the employed population of the Philippines. The acquisition aligns with GoTyme’s strategy to deepen customer relationships by offering innovative financial solutions that benefit both employees and their employers.

“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 Nate Clarke, CEO of GoTyme Bank.

Addressing Credit Accessibility

One of the key motivations behind the acquisition is to address the long-standing issue of limited access to reliable and affordable credit among Filipinos. Clarke emphasized that the partnership with SAVii represents a pivotal step toward resolving this challenge, providing employees with dependable financial tools.

SAVii CEO Liam Grealish echoed this sentiment, describing the collaboration with GoTyme as “a clear and obvious path in our mission to assist individuals in accessing formal finance.” He added that the acquisition would enable SAVii to offer a more comprehensive banking proposition to its customers.

GoTyme’s Growing Presence

GoTyme Bank, a joint venture between the Gokongwei Group and Tyme Group, has rapidly expanded its footprint in the Philippines. As of February, the digital bank reported 2.5 million users nationwide. The acquisition of SAVii is expected to further boost GoTyme’s growth trajectory and expedite its path to profitability.

By integrating SAVii’s offerings, GoTyme aims to capture a significant share of the employed population, providing payroll-enabled financial products that empower employees and enhance financial inclusion.

Looking Ahead

The acquisition of SAVii marks a milestone in the evolution of fintech in the Philippines. By combining SAVii’s expertise in salary lending with GoTyme’s digital banking capabilities, the partnership is poised to deliver innovative solutions that address the financial needs of Filipino workers.