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GCash profitable ahead of target, now eyes 'more accessible' lending: CEO

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Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="GCash used to pay bills. Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/07/26/gcash.jpg"/><figcaption>GCash used to pay bills. <em>Handout</em></figcaption></figure></div><p>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&#x27;s CEO Martha Sazon said Thursday.</p><p>Globe Telecom&#x27;s fintech venture with Ant Financial now has 55 million registered users, Sazon said in a virtual briefing. </p><p>&quot;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,&quot; Sazon said. </p><p>In 2021, GCash posted P3.8 trillion in gross transaction value, exceeding its target of P3 trillion.</p><p>&quot;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,&quot; Sazon said. </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Mynt CEO Martha Sazon said GCash has achieved profitability 3 years ahead of target, partly driven by increase in user base. GCash now has 55 million registered users. <a href="https://t.co/PFgJYEnGjc">pic.twitter.com/PFgJYEnGjc</a></p>— Jessica Fenol (@JessFenol) <a href="https://twitter.com/JessFenol/status/1491656780425805825?ref_src=twsrc%5Etfw">February 10, 2022</a></blockquote><div><script async="" src="https://platform.twitter.com/widgets.js" charSet="utf-8" type="text/javascript"></script></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/02/21/gcash-operator-mynt-raises-300-million-in-funding">GCash operator Mynt raises over $300 million in funding</a></li>	<li><a href="https://news.abs-cbn.com/business/12/02/21/gcash-rolls-out-extra-security-to-protect-users-from-scams">GCash rolls out &#x27;extra security&#x27; to protect users from SMS scam</a></li></ul><p>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.</p><p>Last year, GCash said daily log-ins peaked at 26 million while peak daily transactions reached 17 million.</p><div><strong>FOCUS ON LOANS</strong></div><p>For 2022, Sazon said GCash would focus on making &quot;lending more accessible.&quot;</p><p>&quot;We want to help address a real concern of unbanked Filipinos, that of having money readily available when they need it,&quot; she said. </p><p>Its first loan product GLoans disbursed P1 billion worth of loans just 6 months after it was launched.</p><p>Users can also now use its &quot;buy now, pay later&quot; offering called GGives with installment plans of up to 12 months, the Ayala-led fintech said. </p><p>GCash is fully supporting the Bangko Sentral ng Pilipinas&#x27; 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.</p><p>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&#x27;s &quot;personal digital life hack,&quot; Sazon said. </p><p>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.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/20/21/sachet-insurance-mobile-app-diskartech-gcash-covid-19">Worried about pandemic costs? &#x27;Sachet&#x27; insurance now available via mobile apps</a></li>	<li><a href="https://news.abs-cbn.com/business/09/05/20/as-cheap-as-a-haircut-paperless-insurance-to-help-consumers-amid-pandemic">&#x27;As cheap as a haircut&#x27;: &#x27;Paperless&#x27; insurance to help consumers amid pandemic</a></li>	<li><a href="https://news.abs-cbn.com/business/02/08/19/for-p50-globes-gcash-offers-cheap-easy-investing">For P50, GCash offers cheap, easy investing</a></li></ul><p><strong>RELATED VIDEO:</strong><br/>EMBED IVS</p>

GCash hit profitability 3 years ahead of target and now seeks to make lending more accessible to its users, the Ayala-led fintech's CEO said. 

GCash profitable ahead of target, now eyes 'more accessible' lending: CEO

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GCash profitable ahead of target, now eyes 'more accessible' lending: CEO

Jessica Fenol,

ABS-CBN News

Published Feb 10, 2022 03:02 PM PHT

Read More:

Globe Telecom

GCash

Mynt

mobile wallet

fintech

bills payment

digital transactions

fund transfer

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