Philippines’ top financial super app makes history as the country’s only $5 billion unicorn
MANILA, Philippines, Oct. 8, 2024 /PRNewswire/ — Rooted in its mission to democratize financial services, GCash, the Philippines’ leading financial app, is recognized as the country’s first unicorn to achieve valuation for digital financial inclusion. Celebrating 20 years of commitment to more than $5 billion. This milestone highlights GCash’s global impact and role in empowering users in the Philippines and around the world.
Enabling Filipinos to thrive every day. GCash supports MSMEs, such as wet market vendors, by providing them with digital financial tools that allow them to earn more, grow their businesses, and take advantage of opportunities to put their money to work. Masu.
GCash stands out as one of the few financially sustainable fintech companies in the world by consistently delivering innovative and accessible financial solutions that support underserved communities. is dedicated to closing the economic gap.
With major investments from Ayala Corporation, one of the largest and most diversified conglomerates in the Philippines, and Mitsubishi UFJ Financial Group (MUFG), a leading Japanese financial institution, GCash is valued at 20% in 2021. It has more than doubled from $1 billion. This latest funding round will see Ayala and MUFG each acquire an additional 8% stake in GCash’s parent company, Mynt, further cementing GCash’s position as a pioneer in financial inclusion across Southeast Asia.
“Over the past 20 years, we have made strides in providing access to financial services to more Filipinos,” said Martha Sazon, President and CEO of GCash. We want to take that a step further and be their partner in financial health and wellness.” “Encouraged by the vision for digital financial inclusion set by Bank Central of the Philippines and the United Nations, we will continue to innovate to help Filipinos grow every day, prepare for rainy days, and be ready for someday. .”
Redefining financial access
Since its founding, GCash has prioritized how technological innovation can help advance financial inclusion. Before the pandemic, only 29% had a bank account, less than 1% had access to investments, and 2% had a credit card. With 47% of the population still unbanked, GCash leverages digital tools to significantly expand access to digital financial services. Beyond basic transactions, the financial super app offers innovative in-app credit services and affordable lending products such as GCredit, GLoan, and GGives, reaching 5.4 million people, including underserved populations. of P155 billion in loans to unique borrowers.
In the wealth management and insurance space, GFunds has 6.6 million users and processes 3 out of 4 UITF transactions. Meanwhile, GStocks accounts for 1 in 5 PSE accounts with 682,000 users, and GInsure sells 28 million insurance policies and protects 7.8 million Filipinos, providing greater access to investment products and financial protection. It is comprehensive and responsive to the needs of the Filipino people.
Economic empowerment across the Philippines and beyond
GCash’s influence extends far beyond its borders, solidifying its position as a global player in fintech. GCash serves the needs of millions of Overseas Filipino Workers (OFWs) through its international money transfer services, GCash Outside and Global Pay, providing seamless cross-border financial services. GCash Outside allows overseas Filipinos to create a GCash account using their international mobile phone number to send money home from 16 countries and territories, pay bills, and more. Meanwhile, Global Pay allows Filipinos to use the GCash app at over 3 million merchants in 47 countries. This global expansion has made GCash the second most used financial app in the UAE, underscoring its global relevance.
GCash’s services have not only increased the number of accounts, but also redefined the demographics of financial inclusion. In fact, 90% of GCash users are from low-income groups, 57% are women, and 74% live outside Metro Manila. This inclusivity is a testament to GCash’s commitment to being a “Champion of Digital Financial Inclusion” that helps Filipinos everywhere thrive in their daily lives.
A sustainable and inclusive future for all
GCash is not only committed to financial inclusion, but also environmental and social sustainability, making us one of the few financially sustainable fintech companies in the world. Through its GForest initiative, GCash has mobilized 17 million users to plant more than 2.8 million trees and reduce carbon emissions by 138,000 tons. This tree-planting activity not only contributes to environmental conservation, but also provides livelihoods to over 8,600 farmers.
Continually evolving and expanding its offerings, GCash solidifies its position as a leader in the global fintech space, helping Filipinos not only thrive every day, but also extending beyond the country’s borders. We are poised to drive change that strengthens the broader financial ecosystem across the world.
About Gcash
GCash is the Philippines’ No.1 financial super app and the largest cashless ecosystem. Through the GCash app, users can easily purchase prepaid airtime. Pay your bills through partner billers nationwide. You can send and receive money to and from any other bank account anywhere in the Philippines. Buy from over 6 million partner and social sellers. Access savings, credit, loans, insurance, investments, and more using your smartphone. The mobile wallet is operated by G-Xchange, Inc. (GXI), a wholly owned subsidiary of Mynt, the Philippines’ first and only $5 billion unicorn.
GCash focuses on the United Nations Sustainable Development Goals (SDGs), particularly on safety and security, financial inclusion, diversity, equity and inclusion, and takes urgent action on UN SDGs 5, 8, 10, I strongly support 13. Each to combat climate change and its effects.
source Gcache
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