GCash is projected to soon surpass the valuation of its parent company, Globe Telecom, according to a report by ABS-CBN News.
With GCash currently valued at approximately US$5 billion, it is rapidly closing the gap with Globe, which holds a valuation of around US$6 billion.
GCash’s valuation surged in August following fresh investments from Ayala Corporation and Mitsubishi UFJ Financial Group.
Operated by Mynt, GCash is a joint venture between Ayala, Globe, and Ant Group of Alibaba.
At the celebration marking GCash’s 20th anniversary, Globe President and CEO Ernest Cu highlighted the significant progress of the platform since its inception in 2004.
GCash now serves around 94 million users, representing approximately 80% of the Filipino population.
Cu remarked on how GCash has evolved from a small project within Globe to a business now approaching the company’s own valuation, indicating that GCash’s current growth trajectory could see it surpass Globe in market scale and reach.
Martha Sazon, President and CEO of Mynt, the operator of GCash, echoed Cu’s sentiments about the company’s growth.
She expressed confidence that if the platform continues its double-digit growth, it could soon match or even exceed Globe’s valuation.
GCash’s momentum, particularly during the pandemic, has been extraordinary.
As Filipinos shifted towards digital payment solutions, GCash expanded rapidly, with 10.9 million GSave depositors, 6.6 million GInvest users, and PHP 155 billion in loans disbursed to 5.4 million unique borrowers.
Despite the platform’s growth, Sazon noted that an initial public offering (IPO) is not yet on the horizon.
She emphasized that the focus remains on expanding the business rather than taking it public at this stage.
Looking forward, GCash plans to extend its reach further.
Cu revealed that the service is now available at millions of Alipay merchants across China, and Sazon added that GCash aims to bring digital financial services to more rural and underserved areas in the Philippines, empowering communities by improving access to financial tools and services.
Featured image credit: Edited from Freepik
