Mynt growth surges on expanding finance services

Mynt, the parent company of finance superapp GCash, reported strong first-quarter growth as it expanded its digital payments, lending,and investment businesses.

The company said Wednesday that income attributable to Globe Telecom, one of Mynt’s major shareholders, surged 120 percent from the previous quarter to P1.9 billion, driven by higher usage of its financial services platform, particularly lending and wealth products.

“Our latest results are a clear signal that GCash is no longer just a digital wallet, but a primary engine of the Philippines' digital economy,” said Mynt president and CEO Martha Sazon.

“The quarterly growth reflects our success in scaling high-impact services like lending and wealth management while staying true to our mission of financial inclusion,” she added.

Credit through Fuse’s GScore trust-scoring system

Fuse Financing Inc., Mynt’s lending arm, reported cumulative loan disbursements of P406 billion, up 60 percent year on year. The company said more than 11.1-million borrowers have accessed credit through its GScore trust-scoring system.

Investment and insurance services also expanded during the quarter. GStocks PH grew its registered investor base to 1.9 million, while GCrypto users reached 5 million life-to-date. GInsure sold more than 192.4 million policies, up 274 percent year on year.

GCash also continued to strengthen its payments ecosystem, remaining the top InstaPay destination by transaction volume, according to the latest data from the Philippine Payments Management Inc.

Transport payment services expanded

The company expanded its transport payment services in Metro Manila through QR and near-field communication systems for rail and bus services, while its “Tap to Pay” feature now works across more than 150 million merchants worldwide.