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GCash Sustains Growth and Market Leadership with over 51 Million Users as of End-October
GCash, the country’s largest mobile e-wallet service, continues to expand its digital ecosystem as it now has over 51 million registered users across the Philippines. This translates to around 70 percent of Filipino adults who have a GCash account.
The leading finance app has already breached its initial full-year target of ₱3 trillion in gross transaction value, which is three times more than last year’s record number. GCash’s user engagement also continues to grow, with the app being used on average more than 2.5 times a day by active users. Daily logins have likewise peaked at 23 million this year.
“We continue to embed GCash in the everyday lives of our users, which has, in turn, cemented our status as the undisputed market leader,” said Martha Sazon, GCash President and CEO. “We are proud to report that we have recorded four straight months of profitability, making GCash one of the few fintechs around the world that has proven that it can make money while providing accessible financial services to the public,” she added.
GCash maintains the largest digital ecosystem in the country, giving users access to a merchant and social seller base of about 3.9 million digital touchpoints. Its GLife in-app e-commerce platform has accelerated Filipinos’ shift to a digital lifestyle by bannering more than 250 merchant partners across various categories.
Aside from payments and money transfers, GCash’s expansive set of financial services now includes savings, loans, insurance, and investment. GInsure for instance offers a variety of life & health insurance products made more accessible to customers nationwide.
GCash recently announced that it had raised over $300 million in funding, valuing the company at over $2 billion. “We are proud to be recognized as the country’s first tech unicorn, and a double unicorn at that, validating Mynt as the definitive fintech investment in the Philippines and quite possibly in the region,” added Sazon.
The latest investment round was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital, one of GCash’s existing investors. The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.
The Globe group strongly supports the United Nations Sustainable Development Goals, particularly UN SDG No. 9, which highlights the roles of infrastructure and innovation as crucial drivers of economic growth and development. Globe is committed to upholding the UN Global Compact principles and contributes to 10 UN SDGs.