MANILA - Digital bank GoTyme is looking to break even next year and achieve profitability in 2026, the company's CEO said on Thursday. 

Launched in 2022 by the Gokongwei Group and Singapore's Tyme Group, the digital bank said it has seen a 600 percent year-on-year growth in monthly transactions and over 250,000 new customers per month. 

GoTyme CEO Nate Clark said they are confident of hitting over 5 million customers by the end of the year. So far, the bank has already around 3.7 million depositors and they are looking to add more than a million more in the next 5 months. The first half of the year alone added 2 million customers, he said.

“We’re gunning for a break-even by the end of next year. And our first-year full profitability would be 2026,” said Clarke.

The bank also announced new features and services to further expand its reach to even those outside the Philippines.

The bank’s shareholders have also recently acquired fintech salary lender SAVii, which offers a payroll-enabled suite of financial products to companies. One of the new offerings this year is the earned wage access (EWA) feature to employees of select companies – enabling employees to access their pay every day.

“That brings a very big, too big opportunity- lending. It will accelerate our lending growth. We have a P3 billion payroll lending book. And even more importantly, they have access to over half a million employees,” said Clarke.

The bank is also now expanding overseas. It announced that Filipinos in over a hundred countries can now open an account using a foreign SIM. This will allow for easier sending remittances back to the country.

“Mapa Italy ka, mapa US ka, etong SIMs na ito pwede. It’s going to be easier for them to move money to their relatives here in the Philippines,” said Albert Tinio, Co-CEO of GoTyme.

Users can also now deposit checks via the app any time of the day, even after the usual bank closing hours. Customers can secure deposits of up to P499,999.99, even with post-dated checks. Customers just need to take a photo of the check. This feature is expected to roll out in August.

GoTyme has also partnered with the Bangko Sentral ng Pilipinas on the BSP’s Coin Deposit Machines. Customers can now deposit their coins and credit them to their GoTyme account.