GCash used to pay bills. Handout
MANILA - Mobile wallet and digital solutions provider GCash became profitable in 2021, or 3 years ahead of target as user base and transactions grow, its operator Mynt's CEO Martha Sazon said Thursday.
Globe Telecom's fintech venture with Ant Financial now has 55 million registered users, Sazon said in a virtual briefing.
"We are proud to announce that we have reached EBITDA and have achieved profitability 3 years ahead of target, making Mynt one of the very few fintech’s in the world that is able to make money," Sazon said.
In 2021, GCash posted P3.8 trillion in gross transaction value, exceeding its target of P3 trillion.
"As we made digital financial services part of the daily lives of Filipinos, we have also proven our ability to scale and create a sustainable business," Sazon said.
In the Philippines, the COVID-19 pandemic accelerated the adoption of digital technologies as Filipinos sought ways to do financial transactions without leaving their homes.
Last year, GCash said daily log-ins peaked at 26 million while peak daily transactions reached 17 million.
FOCUS ON LOANS
For 2022, Sazon said GCash would focus on making "lending more accessible."
"We want to help address a real concern of unbanked Filipinos, that of having money readily available when they need it," she said.
Its first loan product GLoans disbursed P1 billion worth of loans just 6 months after it was launched.
Users can also now use its "buy now, pay later" offering called GGives with installment plans of up to 12 months, the Ayala-led fintech said.
GCash is fully supporting the Bangko Sentral ng Pilipinas' digitalization roadmap, which aims to digitalize 50 percent of payments and encourage 70 percent of the population to open bank accounts by 2023, Sazon said.
With continuously expanding features, which include bills payments, insurance, investments, savings and remittance, among others, GCash has evolved from being just a mobile wallet to a Filipino's "personal digital life hack," Sazon said.
In 2021, Mynt also announced it has achieved double unicorn status with a value of over $2 billion after it raised $300 million in funding.
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