The archive · Money & Fintech · Strategic decision · 2015–2026
GCash bets Filipinos go wallet-first; parent Mynt files $8B+ Philippines IPO
Ant, Globe and Ayala-backed Mynt grew GCash into the Philippines' default payments app - 94M users - and filed an October 2026 IPO seeking at least $8B.
Mynt (GCash)
What the business is
GCash is the Philippines' leading mobile wallet: Filipinos use it to send money, pay bills, buy prepaid data, save, borrow and insure; it says it has 94 million users linked to more than 6 million merchants.
Starting capital：Mynt was founded in 2015 as a partnership between Globe Telecom, Ayala Corp and Ant Financial (now Ant Group); Ayala Corp and MUFG invested at a $5 billion valuation in 2024, more than double the 2021 mark (Reuters via Emirates 24/7).
How it started
Mynt was founded in 2015 as a partnership between Globe Telecom (Ayala Group) and Ant Financial, with GCash as its flagship mobile wallet. The bet rested on a market where roughly half the population remained unbanked and cash on delivery still drove e-commerce: that Filipinos would skip straight to mobile money if the wallet were easy enough.
What happened
GCash scaled into the country's default payment rail: 94 million registered users and more than 6 million merchants, with digital wallets taking 41% of e-commerce value in 2025. Mynt added Fuse Financing (lending) and Ryse (wealth) and was valued at $5 billion in 2024 when Ayala Corp and MUFG invested — more than double its 2021 valuation. It appointed Citi, Jefferies and UBS for an IPO in early 2025 but waited while Philippine rules required large issuers to float 20%; the SEC cut the minimum to 15% in February 2026, with relief to 12% for exceptionally large companies. Mynt submitted its registration statement and PSE listing application in June 2026.
How it ended up
IPO filed and scheduled, not yet priced as of September 2026: offer period 2026-10-06 to 10-12 and Main Board listing on 2026-10-20, selling about 12% of outstanding shares, with reports of a target raise around $1 billion at a valuation of at least $8 billion.
Background
Mynt, the Philippine company behind mobile wallet GCash, was founded in 2015 as a partnership between Globe Telecom, Ayala Corp and Ant Financial (now Ant Group). Its bet was that a majority-unbanked, cash-heavy economy would leap straight to mobile money if the wallet were easy enough — then be monetised through loans, savings, insurance and investments that traditional banks had not built for ordinary Filipinos.
The bet compounded: GCash grew to 94 million registered users and more than 6 million merchants, digital wallets took 41% of Philippine e-commerce value in 2025, and GCash reached nearly three in four consumers. Ayala Corp and MUFG invested in Mynt at a $5 billion valuation in 2024, more than double its 2021 mark, and the company added lending (Fuse Financing) and wealth (Ryse) businesses on top of payments.
An IPO had been in preparation since early 2025 — Citi, Jefferies and UBS were appointed — but Philippine rules requiring large issuers to float 20% made it dilutive. The SEC cut the minimum float to 15% in February 2026, with relief to 12% for exceptionally large issuers. Mynt filed its registration statement and PSE listing application in June 2026 and set pricing for October 1-2, an offer period of October 6-12, and a Main Board listing on October 20, selling about 12% of the company.
Reuters reported Mynt is targeting a raise of around $1 billion at a valuation of at least $8 billion, which would make it the Philippines' largest-ever IPO, rivalling food company Monde Nissin's roughly $1 billion debut in 2021. As of September 2026 the listing is scheduled but not yet priced, and cash habits remain a headwind: cash still accounted for 42% of point-of-sale value in 2025.
What has to be true
- Structural edge: founded 2015 by Globe Telecom, Ayala Corp and Ant Group, GCash rode telecom distribution plus Ant's payments playbook into near-universal adoption.
- Scale: 94 million registered users and more than 6 million merchants make it the Philippines' default payments rail, taking 41% of e-commerce value in 2025.
- Monetisation: payments became a funnel into loans, savings, insurance and investments, turning an unbanked market into a financial-services book.
- Regulatory timing: the SEC's February 2026 cut of the minimum float to 15% (12% for large issuers) unblocked an IPO that earlier rules made dilutive.
- Demand signal: targeting about $1 billion raised at a valuation above $8 billion would make it the Philippines' largest IPO, rivalling Monde Nissin's 2021 record.
What can be applied
A wallet wins by treating the unbanked majority as its market and monetising them with credit after payments scale; public-market value follows adoption, not the reverse.
Aftermath
As of 2026-09-02 Mynt has filed with the SEC and PSE and set the IPO timetable: pricing October 1-2, offer period October 6-12 and a Main Board listing on October 20, 2026, selling about 12% of outstanding shares. Reuters reported Mynt targets raising around $1 billion at a valuation of at least $8 billion, after Ayala and MUFG valued it at $5 billion in 2024. GCash still faces cash-heavy habits — cash was 42% of point-of-sale value in 2025 — and the listing has not yet priced.
Sources
- GCash parent Mynt targets October 20, 2026 PSE listing in major IPO
- Philippine e-wallet firm Mynt aiming for $8 billion valuation in IPO, sources say
- Philippines cash holds 42% of POS payments despite e-wallet rise
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