Tag: Gcash

Manila, Philippines – Mynt, the fintech company under telecommunications company Globe, has recently raised US$300m in funding, therefore valuing the company now at US$2b. Said funding has been led by investors Warburg Pincus, Insight Partners and Bow Wave.

Mynt has been at the forefront of the digital transformation among Filipinos as the ‘go-to’ payment and financial services solution to over 48 million users, nearly half of the national population. 

With the continued relevance of the app among its users, Mynt is on track to reach ₱3t of gross transaction value, 3 times more than last year’s record number. The company has also recorded peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively.

For Martha Sazon, president and CEO of Mynt, this is further proof that their growth and achievements have not gone unnoticed. 

“We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile. We are excited about our new partnership with Warburg, Insight, Itai Tsiddon and Amplo, as they each bring strategic value to our team in the pursuit of our vision towards finance for all,” Sazon stated.

Meanwhile, Ernest Cu, chairman of the board of Mynt and president and CEO of Globe, commented, “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. Together with the continued support of Mynt’s existing shareholders, we are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector.”

Mynt offers a full array of financial services, spanning credit, savings, insurance, loans, and investments. Assets Under Management (AUM) for its GSave product has grown to over ₱9b, from ₱5b in 2020, while its GInvest product has already captured 70% of the domestic market of total UITF accounts. GInsure, GCash‘s microinsurance offering launched in 2020, accounts for 1/3 of all new insurance policies issued in the Philippines.

In addition, GCash’s GCredit disburses over ₱1b worth of loans each month, with ₱15b worth having been disbursed as of June 2021, and boasts the best repayment rates locally with the lowest past-due and non-performing loans. Mynt also piloted GLoan, a cash loan product that allows qualified users to borrow as much as ₱25k, with repayment spread over 12 months.

Manila, Philippines – Top e-wallet in the Philippines GCash’s new service is a step forward in customer service and in fulfilling its brand promise of safe financial transactions. In partnership with Singapore-headquartered regional insurtech Igloo, GCash launches a first-of-its-kind online shopping insurance protection that will secure consumers from online marketplace fraud.

Igloo’s Online Shopping product is part of its Cyber Protection vertical, which secures financial loss arising directly from any online marketplace fraud. Through the partnership, GCash users will be protected from any transaction they make via online marketplaces such as Lazada, Shopee, including Viber, and Facebook marketplaces as long as their payment was fulfilled through the GCash platform. 

GCash continues to be the leading digital wallet in the Philippines and is continually amplifying its services. The fintech has also recently announced that it is eyeing to launch a Buy Now Pay Later service within this year. 

Martha Sazon, GCash’s president and CEO, said that the shopping insurance offering comes at a time when they have seen robust growth in online transactions and user base.

“With excellent customer experience being the heart of our business alongside value-added services through our platform, we are thrilled to launch this new product with Igloo that secures online transactions for our customers,” said Sazon.

Mario Berta, Igloo’s country manager for the Philippines, commented, “We are excited to partner with the leading e-wallet in the country, GCash, who shares the same vision of protecting digital consumers by pioneering innovative solutions to end-customers at an economical price. With the growing number of digital consumers in the country, now more than ever, is it most important to provide flexible solutions for the changing needs and processes of both businesses and customers.” 

According to GCash, its users currently stand at 46 million. The app has also had over 13 million log-ins per day, peaking at almost 15 million in the second quarter of 2021.

GCash has been integrating insurance as one of its value propositions to users. Within the app, it currently offers a line of insurance products similarly powered by Singapore-grown insurance firm, Singlife. GCash’s offerings are mainly characterized by low-cost premiums and include a range of protection from income loss to health coverage such as Dengue and even COVID-19.

The Online Shopping protection is one of the first products Igloo will be launching with GCash but will soon be rolling out more products with the e-wallet in the next six months that will be geared towards MSMEs.

Manila, Philippines – Telco giant in the Philippines Globe has announced in a press release that it is looking to scout new businesses to build additional streams of revenue.

Even amid successful vaccination programs around the world, nations continue to grapple with the pandemic, and the Philippines, the home of Globe, is currently seeing a new surge in positive cases. 

Globe President and CEO Ernest L. Cu said in a virtual interview in the APOS media conference, that it is important for the telco to explore other sources of income especially in light of the current situation.

“We are very fortunate that we continue to see revenue growth and are able to sustain growth over the past 10 years. But we also know that it’s going to be difficult to keep it up in the future,” said Cu.

The Coronavirus crisis has affected both global and local telecommunication revenues due to lack of international travel and lower handset upgrades caused by the closure of retail stores, challenges in the corporate industry, and SME markets, as well as spending pressures among the prepaid segment. 

Cu cited Globe’s recent success story with its e-wallet GCash, successfully growing to become the largest e-wallet in the Philippines. According to Globe, it has grown its client base to over 33 million last year or about 65% higher compared to the 20 million users in 2019 due to a shift in consumer behavior amid strict mobility and quarantine restrictions. GCash is one of the portfolio companies under 917Ventures – the telco’s fully-owned subsidiary, which deems to be one of the largest corporate venture builders in the country.