Globe reveals GCash achieved profitability ahead of scheduleThrough Globe [GLO 2818.00 7.06%], the Ayala Family owns a stake in Mynt, the parent company of GCash, which just reported that it has achieved profitability three years ahead of schedule. Mynt’s CEO, Martha Sazon, credited the explosion in new users and the accompanying transactions for the fintech darling’s steep rise in income. Mynt reported that total registered users increased from 33 million to 55 million in 2021, with total transaction value handled by the platform exceeding P3.8 trillion. Mynt said that at its peak in 2021, GCash recorded over 26 million user log-ins and processed over 17 million transactions. While the user growth is eye-popping, the rate of user growth might soon begin to hit a wall as the platform onboards a greater and greater majority of the country’s adult population.

Source: Philippine Star February 11, 2022 11:39 UTC