The Gokongwei family remains confident that GoTyme will break even by 2025, even as its digital banking arm accumulated nearly P3 billion in losses after a year of operations.
Based on a report by Robinsons Retail Holdings Inc. (RRHI), GoTyme lost P1.7 billion in the first nine months, 59 percent more than its P1.072 billion loss in 2022.
RRHI has a 20 percent share in GoTyme and accounted for P338 million of the digital bank’s losses this year.
GoTyme’s other shareholders are Robinsons Land and Robinsons Bank (whose share will be absorbed by Bank of the Philippine Islands in the merger), and Singapore-based TymeBank.
RRHI has already pumped in a total of P921.638 million in GoTyme as of 30 September 2023.
Launched just a year ago in October 2022, GoTyme is targeting two million clients and 450 kiosks by year-end.
The ultimate goal is to reach five million customers by 2025, aligning its trajectory with the success of TymeBank as Africa’s premier digital banking institution.
GoTyme is one of six digital banks approved by the Bangko Sentral ng Pilipinas.