GoTyme Bank, PayMongo partner to provide fast, frictionless, flexible financing for SMEs

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GoTyme Bank and PayMongo Philippines, Inc. recently entered into a pioneering partnership to expand financial inclusion among Small and Medium-size Enterprises (SMEs) by making business loans more accessible to thousands of SMEs under PayMongo’s merchant ecosystem. Through the partnership, businesses may avail of loans of up to P500,000 through GoTyme’s banking services.

Nate Clarke, GoTyme Bank CEO, said that as GoTyme Bank expands to offer more banking products to its
customers, it will also continue to build meaningful relationships and foster 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.”

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.

The first screen prompts users to input the desired amount and tenor, while the second screen requires
confirmation and verification.

PayMongo merchants who qualify will enjoy seamless disbursement and receive the loaned amount in one (1) 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—no collaterals required. To track payments, merchants have access to a fully transparent view of loan transactions through the PayMongo merchant dashboard.

Other notable features include: 
● Flexible term of the loan – Instead of fixed tenor or term, GoTyme Bank offers tailor-fit financing options
for businesses, such as flexible tenor options that align with their unique preference.
● Transparent pricing – Unlike traditional loans, PayMongo Capital powered by GoTyme Bank does not
include hidden fees, processing fees, penalty fees, or interests. Businesses are only required to pay a
competitive flat fee, simplifying the financial landscape for borrowers.
● Flexible pay schedule based on your daily sales and unfixed monthly amount – With PayMongo Capital
powered by GoTyme Bank, you can pay more or less than your monthly fee through PayMongo’s easy
repayment channel that automatically deducts from a portion of your sales so merchants can go about their business as usual without worrying about repayments.

“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,” explains Albert Tinio, GoTyme Bank co-CEO.

Jojo Malolos, PayMongo CEO, said that at PayMongo, their unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with this partnership with GoTyme Bank. “This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success.”

He said that together with GoTyme, they can capitalize on their shared vision for financial inclusion, leveraging their familiarity with each other to simplify financial solutions. He said their streamlined, efficient, and cost-effective approach ensures that their valued merchants get the resources they need to make a meaningful impact in their ecosystems.

“We couldn’t be more excited about the opportunities this partnership creates for the business community. This is a testament to our shared commitment to innovation, efficiency, and the success of the SMEs we serve,” Malolos added.

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