Filipino digital bank GoTyme and payment gateway PayMongo have joined forces in a strategic partnership aimed at enhancing financial access for small and medium-sized enterprises (SMEs). Through this collaboration, thousands of SMEs within the PayMongo merchant network will gain the opportunity to secure loans of up to PHP 500,000 through GoTyme Bank’s services.
Named “PayMongo Capital powered by GoTyme Bank,” the initiative aligns with both companies’ growth strategies and underscores their commitment to fostering financial inclusion for SMEs. The program is fully digital, streamlining the loan application process and minimizing traditional paperwork. The two-step digital procedure involves selecting the loan amount and tenure, followed by a confirmation and verification step.
Key benefits of the program include immediate approval for eligible merchants, swift loan disbursement within one banking day, and flexible repayment options without the need for collateral. Merchants can transparently track their loan transactions through the PayMongo dashboard.
The partnership introduces customization in financing options, offering flexible loan terms tailored to suit the unique needs of diverse businesses. The pricing structure ensures transparency, with a competitive flat fee and the absence of hidden, processing, or penalty fees.
Albert Tinio, co-CEO of GoTyme Bank, expressed optimism about the collaboration, stating that it represents a significant step for the bank. The simplified and less intimidating process aims to empower merchants to make informed choices for the growth of their businesses.
Jojo Malolos, CEO of PayMongo, emphasized that the collaboration serves as a game-changer for PayMongo merchants, providing additional capital to propel their online enterprises to unparalleled success. The joint vision for financial inclusion and simplified financial solutions underlines the synergies between the two companies.
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