GoTyme Bank of the Gokongwei Group has partnered with PayMongo Philippines Inc. to expand financial inclusion among small and medium-sized enterprise (SMEs).
GoTyme Bank CEO Nate Clarke said the digital bank continues to expand by offering more banking products to customers, as well as building meaningful relationships and fostering financial inclusion.
'Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve,' Clarke said.
The tie-up makes business loans more accessible to thousands of SMEs under PayMongo's merchant ecosystem and allows businesses to avail of loans of up to P500,000 through GoTyme's banking services.
A fully digital financial program, PayMongo Capital powered by GoTyme Bank marks both companies' initial product offering in its expansion efforts.
The streamlined and efficient application process eliminates the lengthy paperwork traditionally associated with financial services, providing a seamless, two-minute, two-screen journey.
PayMongo merchants who qualify would enjoy seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank's processing.
Eligible merchants will receive instant approval, and a cash advance offer complete with flexible repayment options and no collaterals required.
Other notable features include flexible term of the loan, transparent pricing, as well as flexible pay schedule based on daily sales and unfixed monthly amount.
'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,' GoTyme Bank co-CEO Albert Tinio said.
'At PayMongo, our unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with our partnership with GoTyme Bank.
PayMongo CEO Jojo Malolos said the collaboration is a game-changer for its 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. Our streamlined, efficient, and cost-effective approach ensures our valued merchants get the resources they need to make a meaningful impact in their ecosystems,' Malolos said.
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