GCash, the leading finance app in the Philippines, is celebrating two decades of commitment to digital financial inclusion, marking its position as the nation’s first unicorn with a valuation exceeding $5 billion. This milestone not only underscores GCash’s impact in the Philippines but also highlights its growing global influence.
With a mission to democratise financial services, GCash has consistently delivered innovative and accessible financial solutions, making it one of the few financially sustainable fintech companies worldwide. Its focus on bridging the financial divide for underserved communities has set it apart in the competitive fintech landscape.
Key investments from Ayala Corporation, one of the Philippines’ largest conglomerates, and Mitsubishi UFJ Financial Group (MUFG), Japan’s leading financial institution, have played a significant role in GCash’s growth. The recent funding round saw both entities acquiring an additional 8% stake in Mynt, GCash’s parent company, more than doubling its valuation from $2 billion in 2021. This solidifies GCash’s reputation as a trailblazer in financial inclusion throughout Southeast Asia.
“Over the past 20 years, we have made strides to provide more Filipinos with access to financial services. Now, we aim to take it a step further and partner with them towards financial health and wellness,” said Martha Sazon, President and CEO of GCash. She noted the encouragement from the Bangko Sentral ng Pilipinas and the United Nations towards digital financial inclusion, committing to ongoing innovation to help Filipinos thrive.
Since its inception, GCash has emphasised technological innovations to promote financial access. Before the pandemic, only 29% of Filipinos had bank accounts, less than 1% had access to investments, and only 2% possessed credit cards. With 47% of the population still unbanked, GCash has leveraged digital tools to broaden access to financial services. The finance super app now offers in-app credit services and affordable lending products, disbursing PHP 155 billion to 5.4 million unique borrowers, including underserved segments.
In wealth management, GFunds has onboarded 6.6 million users and processes three in four Unit Investment Trust Fund (UITF) transactions. GStocks now represents one in five Philippine Stock Exchange (PSE) accounts, while GInsure protects 7.8 million Filipinos through 28 million policies sold.
GCash’s impact extends globally, particularly for Overseas Filipino Workers (OFWs). Its international remittance services, including GCash Overseas and Global Pay, allow Filipinos abroad to create accounts using their international mobile numbers, send money home, and pay bills seamlessly. This global expansion has made GCash the second most-used finance app in the UAE, underscoring its international relevance.
In terms of demographics, 90% of GCash users come from lower-income classes, 57% are women, and 74% reside outside Metro Manila, reflecting GCash’s commitment to inclusivity.
GCash is also dedicated to environmental sustainability through its GForest initiative, mobilising 17 million users to plant over 2.8 million trees and reduce carbon emissions by 138,000 metric tons. This reforestation effort supports environmental conservation and provides livelihoods for over 8,600 farmers.
As GCash continues to evolve and expand its offerings, it is poised to maintain its status as a leader in the global fintech arena, driving transformative change that not only enhances the lives of Filipinos but also positively impacts the broader financial ecosystem beyond the Philippines.
