With a current valuation of $5 billion compared to Globe’s $6 billion, GCash is on track to surpass Globe’s valuation.
This remarkable growth trajectory was highlighted at GCash’s 20th anniversary gala. Globe President and CEO Ernest Cu acknowledged the fintech platform’s meteoric rise since its 2004 inception. “This little child of ours… its valuation is now close to the mother company,” Cu said, projecting that GCash could eventually exceed Globe in market value.
Mynt CEO Martha Sazon echoed Cu’s sentiment, stating that continued growth could see GCash reach or even surpass Globe’s valuation in the coming years.
The COVID-19 pandemic served as a catalyst for GCash’s rapid expansion. Filipinos’ increased reliance on digital payments propelled user numbers to a staggering 94 million, representing 80% of the Philippine population. GCash has also fostered financial inclusion through its diverse offerings:
- 10.9 million GSave depositors
- 6.6 million GInvest investors
- 5.4 million unique borrowers, with P155 billion worth of loans disbursed
GCash’s ubiquity is evident in its colloquial use. “GCash mo na lang yan” (“Just GCash it”) is becoming as commonplace as “i-Google mo yan” (“Google it”), signifying its integration into everyday Filipino life.
Despite the high growth, Sazon clarified that an initial public offering (IPO) is not yet under consideration. The focus remains on business expansion and feature development. Looking ahead, GCash plans include:
- Integration with millions of Alipay merchants in China (announced by Cu)
- Expansion into remote areas of the Philippines (announced by Sazon)
This expansion aims to empower Filipinos residing in rural areas by improving financial access, fostering financial literacy, and encouraging adoption of digital services.
GCash’s recent $5 billion valuation surge was fueled by investments from Ayala Corporation and Japan’s Mitsubishi UFJ Financial Group. As a joint venture between Ayala, Globe, and China’s Ant Group, GCash’s future appears bright, poised to become a pillar of financial inclusion and economic development for Filipinos nationwide.
