Filipino digital bank GoTyme and payment gateway PayMongo have recently announced a partnership aimed at enhancing financial access for small and medium-sized enterprises (SMEs).
This collaboration is set to allow thousands of SMEs in the PayMongo merchant network to obtain loans of up to PHP 500,000 through GoTyme Bank’s services.
Nate Clarke, CEO of GoTyme Bank, stressed the importance of this partnership in the bank’s mission to expand its product offerings and build meaningful relationships that improve financial inclusion for SMEs.
The initiative, named PayMongo Capital powered by GoTyme Bank, is a key part of both companies’ growth strategies.
The programme is entirely digital, designed to simplify the loan application process. It significantly reduces the traditional paperwork associated with financial services, offering a swift and a two-step digital procedure. The first step involves selecting the loan amount and tenure, followed by a second step of confirmation and verification.
Qualified PayMongo merchants will have access expedited loan disbursement, with the transfer of funds completed within one banking day, depending on the processing time of the receiving bank.
The programme offers immediate approval for eligible merchants along with flexible repayment options, and importantly, does not require collateral. Merchants can track their loan transactions transparently through the PayMongo dashboard.
One of the key features of this partnership is the customisation it offers in financing options. GoTyme Bank introduces flexible loan terms, tailored to suit the unique needs of different businesses.
The pricing structure is transparent, eschewing hidden, processing, or penalty fees. Instead, businesses will only be charged a competitive flat fee.
Additionally, the repayment schedule is adaptable, based on the merchant’s daily sales, allowing for fluctuating monthly payments.
Albert Tinio
Albert Tinio, co-CEO of GoTyme Bank said,
“Going into loans is a big step for GoTyme Bank and we are optimistic that with the partnership with PayMongo, we will be able to give SMEs the best customer service and peace of mind.
By making the process easier and less intimidating, merchants are better empowered to make the best choices for their business.”
Jojo Malolos
Jojo Malolos, CEO of PayMongo said,
“This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success.
Together with GoTyme, we capitalize on our shared vision for financial inclusion, leveraging our familiarity with each other to simplify financial solutions.”
Featured image: From (left to right) Albert Tinio – Co-CEO, Co-Founder and Chief Commercial Officer, GoTyme Bank; Luis Sia – Co-Founder, PayMongo; Jojo Malolos – President & CEO, PayMongo; Nathaniel David Clarke – President & CEO, GoTyme Bank and Co-Founder, Tyme Group; Aaron Foo – Chief Strategy Officer, GoTyme Bank; Bryan Salcedo – Strategic Partnerships Manager, GoTyme Bank