GCash is going public

CEBU CITY, Philippines – One of the country’s largest cashless ecosystem is going public.

Mynt, Inc., the fintech company behind GCash, announced Wednesday, June 17, that its board of directors and shareholders have authorized the filing of a registration statement with the Securities and Exchange Commission (SEC) and a listing application with the Philippine Stock Exchange (PSE).

The development also signals the country’s most anticipated tech initial public offering may finally be within reach.

READ: GCash strengthens user support through official help channels and security features

The offer is set at 12 percent of Mynt’s total outstanding capital stock post-IPO, in compliance with minimum public float requirements.

Firm shares will consist of both primary and secondary offers, with each common share carrying a par value of P0.03.

READ: GCash brings gold investing within reach of everyday Filipinos

Globe Telecom, Inc., one of Mynt’s shareholders, made the same disclosure to the PSE on Tuesday in accordance with corporate governance and disclosure rules.

For millions of Filipinos who pay bills, send money, and take out microloans through their phones, the development marks more than a corporate milestone, Mynt executives said.

“Over the past decade, Mynt has evolved from an e-wallet operator into the Philippines’ number one finance superapp and largest cashless ecosystem,” said Martha Sazon, president and chief executive of Mynt. “The authorization of our board and shareholders allows us to work toward a potential public listing as the next step in Mynt’s growth journey.”

Origins

Mynt was incorporated in 2015, but GCash traces its roots to 2004, when it launched as an SMS-based money remittance service.

It has since grown into a super app offering payments, lending, savings, insurance, and investment products to consumers, merchants, and enterprise partners nationwide.

The company is the Philippines’ first and only unicorn valued at $5 billion, and operates two fintech subsidiaries: G-Xchange, Inc. (GXI), which runs the GCash mobile wallet, and Fuse Lending, a technology-based lending company.

Sazon said the listing could carry broader significance for the local startup ecosystem.

“We hope Mynt’s journey could also inspire Filipino companies and startups, fostering a spirit of innovation and entrepreneurship in the local tech community,” she said.

The company cautioned that any offering remains subject to SEC registration requirements, PSE listing requirements, prevailing market conditions, and other standard closing conditions.

Further disclosures will follow in accordance with applicable rules.

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