GoTyme Bank has secured a $250 million funding round led by Nubank, aimed at accelerating its growth and enhancing its services in the Philippines.

Information on the Target

GoTyme Bank, backed by the Gokongwei family, is a digital banking platform operating in the Philippines. Recently, its parent company, Tyme Group, achieved a significant milestone by securing a $1.5 billion valuation, primarily driven by a successful funding round that raised $250 million. This capital influx includes a substantial $150 million investment from Nubank, one of the most prominent digital banks listed on the New York Stock Exchange. With this funding, GoTyme aims to enhance its service offerings and accelerate its growth strategies in the rapidly evolving Filipino banking sector.

As of December 2024, GoTyme Bank has demonstrated remarkable customer growth, surpassing its projections with 5.1 million customers and an optimistic outlook to reach 5.3 million by the year's end. This surge in customer base is further complemented by a significant deposit accumulation totaling P24 billion, affirming the bank's competitive stance in the digital banking landscape of the Philippines.

Industry Overview in the Philippines

The Philippine digital banking industry is experiencing rapid transformation, driven by increasing smartphone penetration, improved internet connectivity, and a growing preference for digital financial solutions among Filipino consumers. With a significant part of