Martha Sazon, president and CEO of Mynt/GCash, discussed the rapid growth of the fintech company, how being cloud native helped it become profitable ahead of time and how it will facilitate a more sustainable future.
July 07, 2022 | Foo Boon PingNo other company embodies Philippines’ rapid adoption of digital services and the growth of its internet economy better than Mynt, operator of the country’s leading payment and finance app, GCash.
Consider this, the mobile wallet provider now serves about 83% of the population, some 60 million Filipinos - almost three times of the number at the start of 2020. In 2021, it processed PHP 3.8 trillion ($68 billion) in gross transaction value (GTV) —again triple the total of the previous year, of PHP 1.2 trillion ($21 billion). Mynt attributed the increase to the growing relevance of Gcash in the everyday lives of Filipinos resulting in an exponential growth in user base and usage.
To put it into context, $68 billion is over 17% of the $394 billion gross domestic product (GDP) of the Philippines in 2021. It is more than twice the IDR 461.6 billion ($30.8 billion) GTV reported by Indonesian super app, GoTo, which witnessed a 40% year-on-year (YoY) growth.
And to top that, in March 2022, GCash’s monthly GTV reportedly crossed the PHP 500 billion ($8.95 billion) mark. At this rate, it will end the year with an annual GTV of over PHP 5 trillion ($89.5 billion). It has already five times more users than the next largest mobile wallet, and they log in and transact an average of 29 million and 19 million times respectively every day.
GCash serves millions of Filipinos with its digital ecosystem and claims to be the country’s first duacorn, “double-unicorn”, when it raised $300 million in a funding round in November 2021 that valued the Globe Telecom (Globe) owned company at $2 billion. It added new global private equity and venture capital investors such as Warburg Pincus, Insight Partners, Amplo Ventures, Itai Tsiddon to its current stable of backers like Globe, Ayala Corp and Bow Wave Capital.
COVID-19 disruptions drive exponential growth in digital services and internet economy
COVID-1...
Categories:
Financial Technology, Retail BankingKeywords:Financial Technology, Fintech, App, Mobile Banking, Financial Inclusion, Cashless, Digitalisation, Growth, Cloud, Non-banking Finance
Martha Sazon, president and CEO of Mynt/GCash, discussed the rapid growth of the fintech company, how being cloud native helped it become profitable ahead of time and how it will facilitate a more sustainable future.
July 07, 2022 | Foo Boon PingNo other company embodies Philippines’ rapid adoption of digital services and the growth of its internet economy better than Mynt, operator of the country’s leading payment and finance app, GCash.
Consider this, the mobile wallet provider now serves about 83% of the population, some 60 million Filipinos - almost three times of the number at the start of 2020. In 2021, it processed PHP 3.8 trillion ($68 billion) in gross transaction value (GTV) —again triple the total of the previous year, of PHP 1.2 trillion ($21 billion). Mynt attributed the increase to the growing relevance of Gcash in the everyday lives of Filipinos resulting in an exponential growth in user base and usage.
To put it into context, $68 billion is over 17% of the $394 billion gross domestic product (GDP) of the Philippines in 2021. It is more than twice the IDR 461.6 billion ($30.8 billion) GTV reported by Indonesian super app, GoTo, which witnessed a 40% year-on-year (YoY) growth.
And to top that, in March 2022, GCash’s monthly GTV reportedly crossed the PHP 500 billion ($8.95 billion) mark. At this rate, it will end the year with an annual GTV of over PHP 5 trillion ($89.5 billion). It has already five times more users than the next largest mobile wallet, and they log in and transact an average of 29 million and 19 million times respectively every day.
GCash serves millions of Filipinos with its digital ecosystem and claims to be the country’s first duacorn, “double-unicorn”, when it raised $300 million in a funding round in November 2021 that valued the Globe Telecom (Globe) owned company at $2 billion. It added new global private equity and venture capital investors such as Warburg Pincus, Insight Partners, Amplo Ventures, Itai Tsiddon to its current stable of backers like Globe, Ayala Corp and Bow Wave Capital.
COVID-19 disruptions drive exponential growth in digital services and internet economy
COVID-1...
Categories:
Financial Technology, Retail BankingKeywords:Financial Technology, Fintech, App, Mobile Banking, Financial Inclusion, Cashless, Digitalisation, Growth, Cloud, Non-banking Finance
