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Roehl Niño Bautista · · 1 min readAnt Group-backed Filipino e-wallet marks first profit in years
“GCash, which boasts of over 43 million registered users and over 2.5 million merchants and social sellers, said its monthly gross transaction value has breached 200 billion pesos (US$3.97 billion) and reached a milestone by achieving positive income last June,” reported ABS-CBN News.
Details:
- Despite a “clamor” for GCash to do an initial public offering, it isn’t “going to IPO for IPO’s sake,” said Ernest Cu, president and CEO of Globe Telecom. The Philippine telco giant holds stakes in Mynt, which operates the fintech app.
- GCash has also entered other financial service spaces such as savings, credit, investments, and insurance. It is also expecting to hit 3 trillion pesos (US$59.5 billion) in transaction value this year, which is triple its 2020 numbers.
Dive deeper:
- Jack Ma’s Ant Group has a 40% stake in Mynt. Globe Telecom has the same number of shares.
- Mynt raised US$175 million earlier this year to ride on pandemic-led growth of mobile payment usage, with its post-money valuation almost reaching US$1 billion. It is now eyeing US$2 billion in valuation.
- GCash is also planning to offer crypto trading after it finds the right partner, said a GMA News Online report
Currency converted from Philippine peso to US dollar: US$1 = 50.42 pesos.
Editing by Miguel Cordon and Eileen C. Ang
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