{"id":330977,"date":"2024-12-18T22:59:00","date_gmt":"2024-12-18T14:59:00","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=330977"},"modified":"2024-12-18T23:30:38","modified_gmt":"2024-12-18T15:30:38","slug":"trade-the-news-jgs-gotyme-bank-to-get-boost-after-parent-company-gets-250-million-investment","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-jgs-gotyme-bank-to-get-boost-after-parent-company-gets-250-million-investment\/","title":{"rendered":"Trade the News: JGS’ GoTyme Bank to get boost after parent company gets $250-million investment"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>JG Summit Holdings<\/td><\/tr>
Stock Code<\/strong><\/td>JGS<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Buy<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 36.58<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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TYME GROUP has received a $250-million investment from a group of companies led by Brazil-based digital bank Nubank (Nu), which will help fund its expansion in Asia, including GoTyme Bank, its digital bank in the Philippines launched in partnership with the Gokongwei Group, under JG Summit Holdings (JGS).<\/p>\n\n\n\n

\u201cNubank will become a 10% shareholder in Tyme Group. The total amount raised is $250 million, which is actually the largest fintech raise in Southeast Asia this year,\u201d GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke told BusinessWorld in an interview last week.<\/p>\n\n\n\n

\u201cA lot of that funding will help hypercharge our growth here and get us to profitability\u2026 We now have the ammo to fulfill that vision of becoming the largest everyday retail bank here,\u201d Mr. Clarke said.<\/p>\n\n\n\n

GoTyme Bank is a partnership between the Gokongwei Group and Singapore-based Tyme Group, which also operates TymeX in Vietnam and digital bank TymeBank in South Africa.<\/p>\n\n\n\n

\u201cNu\u2019s investment in Tyme Group will benefit GoTyme Bank Philippines and TymeBank South Africa, bringing not only capital to support growth but also expertise in lending solutions and impact product creation,\u201d GoTyme Bank said in a statement.<\/p>\n\n\n\n

\u201cWe are excited with the partnership with Nubank, a global digital banking leader, as we believe this collaboration will further propel GoTyme Bank in the Philippines as well as accelerate Tyme Group\u2019s growth and expansion across multiple markets,\u201d JG Summit Holdings, Inc. President and Chief Executive Officer Lance Y. Gokongwei said.<\/p>\n\n\n\n

The latest investment round brings Tyme Group to unicorn status as it now has a total valuation of $1.5 billion.<\/p>\n\n\n\n

\u201cTyme\u2019s oversubscribed Series D capital raise was led by Nu, which invested $150 million, with M&G\u2019s Catalyst Fund subscribing for $50 million. Existing shareholders, including the Gokongwei Group, Tencent, British international Investment, Norrsken 22, Blue Earth, Lavender Hill, Ethos Fund, and Africa Fig Tree (Founders and Employees), are investing a further $50 million,\u201d GoTyme Bank added.<\/p>\n\n\n\n

\u201cNubank revolutionized financial services, and having them as a shareholder will help accelerate the development of our strategic capabilities, execution, and expansion plans in Southeast Asia, through their investment of financial resources and counsel. This is a moment of great significance for Tyme Group,\u201d Coen Jonker, Tyme Group founder and CEO, said.<\/p>\n\n\n\n

David V\u00e9lez, Nu founder and CEO, said their investment in Tyme Group is in line with their belief that the future of financial services globally is in digitally native companies.<\/p>\n\n\n\n

\u201cWe have met dozens of teams across different geographies, and we think that Tyme Group is extremely well-positioned to be one of the digital bank leaders in Africa and Southeast Asia. We are excited to work with Tyme to share many of our learnings of scaling this model to hundreds of millions of customers,\u201d he added.<\/p>\n\n\n\n

The partnership between Tyme and Nu will bring additional resources and expertise to GoTyme Bank that would propel its growth, the digital bank said.<\/p>\n\n\n\n

Mr. Clarke said that in particular, Nubank will bring expertise in credit cards.<\/p>\n\n\n\n

\u201cThat\u2019s actually how they\u2019re different than us. We started on the transactional, deposit, and savings side. They started with credit card and then only got a bank\u2019s license later. So, they were born very credit-led,\u201d he said. \u201cSo, they\u2019ll be helping us, advising us, potentially helping on capability on credit.\u201d<\/p>\n\n\n\n

\u201cThey\u2019re quite excited about our model. They believe that digital banks around the world are going to be the winners in everyday banking. But they have made the decision that they don\u2019t have the operational capability to stretch across the other side of the world. So, they\u2019re going to focus on the Americas organically. But they feel like there\u2019s good investment and synergy to invest in Asia,\u201d Mr. Clarke said.<\/p>\n\n\n\n

(News Source: Business World<\/a>)<\/em><\/p>\n\n\n\n

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This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-330977","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=330977"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330977\/revisions"}],"predecessor-version":[{"id":330979,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/330977\/revisions\/330979"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=330977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=330977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=330977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}