GCash, a Philippines based mobile wallet that’s operated by Mynt under Globe’s corporate venture builder 917Ventures, recently revealed that it now has more than 60 million registered users and over 5 million merchants across the country.
As noted in the update, GCash stated that that it records 29 million daily logins, with a peak in daily transfers at about 19 million.
According to data.ai which was previously called App Annie, GCash has 5x more smartphone monthly active users than the next highest digital wallet app in the Philippines (as of April of this year).
GCash provides a comprehensive suite of financial services including fund transfers, digital commerce services, savings apps, investment options, insurance coverage, and recently, cash loans as well as Buy Now, Pay Later (BNPL) products.
In November of last year, Mynt had secured more than $300 million in capital which had helped with pushing the firm’s valuation to more than $2 billion.
Martha Sazon, President and CEO of GCash, stated:
“We have maintained a strong growth momentum with 60 million Filipinos now placing their trust in GCash. We are still the undisputed fintech leader in the country and we now cover 83 percent of the Philippines’ adult population. We vow to continue providing reliable service to our customers and innovate to deliver their fintech and lifestyle needs.”
“We now see an increased use of mobile wallets as people embrace e-commerce. With GCash, the unbanked and underserved population are finally empowered. They can already do so much more, such as paying for their online purchases without a credit card or a bank account, getting health insurance, and investing in Unit Investment Trust Fund,”
As covered in November 2021, Mynt, the Philippines-based digital financial solutions provider and the firm behind the GCash payment services app, had secured more than $300 million in capital, valuing Mynt at more than $2 billion.
As mentioned in a release, this solidifies the firm’s status as the Philippines‘ only unicorn, and as one of the major Fintechs operating in Southeast Asia.
The investment round has reportedly been led by investment company Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital, which is one of Mynt’s existing investors. The round also includes contributions from Itai Tsiddon and Amplo Ventures as well as funding from Globe and Ayala.