GCASH is now worth more than $2 billion (over Php1 billion) after a recent round of funding raised an additional $300 million (Php15.14 billion). It’s definitely good news to stockholders, the operating company behind it (Mynt), and its 46 million active users.
For sure, the company won’t be disappearing anytime soon – and that’s definitely going to give everyone some peace of mind.
GCASH Grows to Php1 Billion
First launched by Globe Telecom in 2004, SMS-based domestic money transfer service GCASH has since grown to become an app that’s capable of letting anyone with an account do mobile payments, fund transfers, and various branchless banking services.
Recently, the operating company behind the mobile wallet announced the latest round of funding filing with the Philippine Stock Exchange led by Warburg Pincus, Insight Partners, and Bow Wave Capital. Globe’s parent company Ayala Corp. as well as Itai Tsiddon and Amplo Ventures also participated.
“Mynt has a dominant market position in the Philippines and is well-positioned with its best-in-class management team, innovative technology, and superior product offerings,” explained Warburg Pincus managing director Saurabh Agarwal.
Insight Partners managing director Deven Parekh explained that their company decided to invest in Mynt because they believe that GCASH is a ‘compelling product.’
“Our investment in Mynt fits within our global thesis of increasing financial inclusion using digital tools. We look forward to partnering with Mynt as they continue to grow on their scale up journey,” Parekh said
Mynt and Globe executives are also quite ecstatic over the latest update.
“Their investment in Mynt and GCash further validates the strides the company has made in providing access to innovative financial services to more Filipinos and highlighting the Philippines to the global investor audience,” said Ernest Cu, Globe President.
“This is further proof that our growth and achievements have not gone unnoticed. We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile,” added Mynt President Martha Sazon.
What is GCASH?
GCASH is the Philippine mobile wallet and mobile payments app first launched by Globe Telecom in 2004. Although it started as an SMS-based service, this domestic money transfer service has grown into branchless banking services that users can access using a secure app on their smartphones.
GCASH has also expanded to include investment options through GInvest.