Philippines – In an effort to catalyse SME finance, GoTyme Bank and PayMongo Philippines, Inc. recently forged a strategic partnership to advance financial accessibility among small and medium-sized enterprises within the PayMongo merchant ecosystem.
This latest initiative laid the foundations for PayMongo Capital, a fully digital financial program that streamlines the loan application process among businesses, eliminating the traditional paperwork through a seamless, two-minute, two-screen journey.
Under PayMongo Capital, a flexible loan term also tailors financing alternatives to a particular preference of enterprises. Unlike typical loans, which have hidden costs and penalties, this programme introduces transparent pricing, which requires businesses to pay a competitive flat rate.
The absence of hidden charges, on the other hand, simplifies the financial landscape for borrowers, boosting trust and clarity.
Furthermore, this new app also allows businesses to easily manage repayments, automatically deducting a portion from their sales. It further aligns payments with their daily sales and ensures that merchants can focus on their operations without the constant worry of rigid repayment structures.
Meanwhile, qualifying merchants benefit from this hassle-free disbursement process, with the lent amount reaching their accounts within one banking day, subject to the processing time of the receiving bank.
Talking about the launch, Nate Clarke, CEO at GoTyme Bank, shared, “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.”
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.”
Following this strategic alliance, the two are set to embark on empowering thousands of businesses within PayMongo’s merchant ecosystem, providing ease of access to business loans using GoTyme’s innovative banking service.
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