Philippines – Following a shared vision to advance SME finance, GoTyme Bank and PayMongo Philippines, Inc. recently announced a strategic partnership to revitalise digital banking solutions for small and medium-sized businesses within the PayMongo merchant ecosystem.
In this collaboration, the two are set to introduce a fully digital financial programme aimed at streamlining the loan application process as well as providing swift access to necessary paperwork through a quick, two-minute, two-screen journey.
This initiative, which is called PayMongo Capital, offers a flexible loan duration, adapting financing solutions to the interests of businesses. It distinguishes itself from traditional loans by instituting transparent pricing, ensuring that they pay a competitive flat rate with no hidden charges or penalties.
Furthermore, businesses can manage their repayments easily by automatically deducting a portion from their sales. This further aligns payments with their daily sales and ensures that merchants can focus on their operations without the constant worry of rigid repayment structures.
On the other hand, eligible merchants can benefit from this hassle-free disbursement process by having a lent amount reach their accounts within one banking day, subject to the processing time of the receiving bank.
Speaking about this particular milestone, Nate Clarke, CEO at GoTyme Bank, said, “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.”
Meanwhile, Jojo Malolos, CEO at PayMongo, also supported this statement, saying, “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. This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises towards unparalleled success.”
Consistent to their commitment, this joint venture will empower thousands of businesses within PayMongo’s merchant ecosystem, facilitating ease of access to business loans using GoTyme’s revolutionary banking service.
