GoTyme Bank and PayMongo Philippines, Inc. have signed a pioneering partnership to expand financial inclusion among small- and medium-size enterprises by making business loans more accessible under PayMongo’s merchant ecosystem.
The partnership will provide SMEs with business loans of up to P500,000 through GoTyme’s banking services.
“As GoTyme Bank expands to offer more banking products to our customers, we 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,” said Nate Clarke, GoThyme Bank chief executive officer.
PayMongo Capital, a fully digital financial program 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 loan term, while the second screen requires confirmation and verification.
PayMongo merchants who qualify will 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—no collaterals required.
To track payments, merchants have access to a fully transparent view of loan transactions through the PayMongo merchant dashboard.
Other features of the loan program includes flexible loan term, transparent pricing, and flexible payment schedule.
“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,” said Albert Tinio, GoThyme Bank’s co-CEO. “By making the process easier and less intimidating, merchants are better empowered to make the best choices for their business,” he added.-0-
