GoTyme Bank intends to grow its customer base to 9 million in 2025 as it sets up more kiosks across the country and offers more financial products, including lending, to lock in the unserved market.
The Gokongwei-backed digital bank currently has about 5 million customers, which is expected to reach 5.3 million by the end of the year.
Total deposits, meanwhile, stood at P24 billion.
READ: GoTyme now at 3.7M users, on track to hit over 5M customers
GoTyme CEO Nathaniel Clarke, in an interview with the Inquirer, said they were banking on the country’s young and technology-savvy demographic who has become comfortable in using digital financial products to drive the demand for their services in the coming year.
Leveraging on the increasingly digital trend, GoTyme is set to open 100 additional kiosks that serve as physical touchpoints for its customers.
The digital bank currently has 575 kiosks across the country, most of which are located in supermarkets, malls, department stores and offices.
GoTyme co-CEO Albert Tinio said they still see room for growth as the “market is far from being oversaturated” despite multiple players competing for market share.
“Given how fast we’re growing, I think it is evident that people are looking for more than just a wallet—the flexibility and trust that comes with opening a bank account and a wallet combined. That marriage is what they’re looking for,” he said.
Focus on lending
In the next year, Tinio said they would increase focus on lending by providing a buy now, pay later scheme, which has been gaining traction among online shoppers.
GoTyme, at present, is already providing credit services to micro, small and medium enterprises through its partnership with PayMongo and Foodpanda.
As GoTyme ramps up operations, Clarke said they were eyeing to achieve profitability by 2027.
Earlier this year, Bangko Sentral ng Pilipinas (BSP) director Melchor Plabasan said that only two of the six neobanks in the country were profitable.
Plabasan noted that only 5 percent of digital banks in the world are turning profits.
Other entities with digital banking licenses in the country are UNO Digital Bank, UnionDigital Bank, Maya Bank, Overseas Filipino Bank and Tonik Digital Bank.
BSP Governor Eli Remolona Jr. said these financial institutions were having a hard time making money because of unpaid loans, forcing them to allot higher credit provisions that can drag their bottom line. INQ