GCash has achieved profitability in 2021, three years ahead of its target, and expects to further sustain its growth this year through offering relevant product and services.
Globe Fintech Innovations Inc. (Mynt), operator of GCash, said the company reached positive full-year earnings before interest, taxes, depreciation and amortization in 2021, achieving profitability three years ahead of its target.
It added GCash transaction volume more than tripled to P3.8 trillion in 2021 from P1.2 trillion in 2020.
Registered users also reached 55 million last year from 33 million in the previous year, with 4.5 million merchant and social sellers.
At a Globe Telecom Inc. briefing, Martha Sazon, Mynt president and chief executive officer, said GCash’s key growth driver is the sustained relevance of its products to its customers.
“As far as GCash is concerned, we see adoption continue to grow. BSP’s (Bangko Sentral ng Pilipinas) aspiration is that 50 percent or half of all transactions should be digital by 2023 and 70 percent of adults should have a formal bank. GCash fully supports this vision to ensure wide adoption of fintech solution among Filipinos,” Sazon said.
She added the company’s priority this year is to continue expanding services to the unbanked segment giving them access to credit like GLoan and GCredit.
As of 2021, GCash is the only double unicorn in the Philippines.
Mynt has no plan to raise additional funds this year saying it has still enough from last year’s fundraising.
Mynt raised over $300 million from several foreign investors led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital.
The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala Corp.