Mynt, the holding company of the Philippines’ number one finance super app, GCash, has entered into an agreement with Globe Telecom Inc. and Payment One, Inc. to acquire a 100% stake in Electronic Commerce Payments, Inc. (ECPay), for PHP3.0 billion.
Mynt believes its acquisition of ECPay will strengthen its position as a partner for growth of micro, small, and medium enterprises (MSME). This also allows Mynt to create a more comprehensive suite of solutions that can help drive financial progress for MSMEs.
“Mynt, through its fintech subsidiaries, has already built the largest digital ecosystem for our users which extends all the way to the grassroots level. ECPay is a big boost to our financial inclusion journey as we find synergies with their 570 Biller and Portfolio partners, 490,000+ over-the-counter channels and 3000+ digital touchpoint channels,” said Mynt President and CEO Martha Sazon.
To date, GCash’s merchant and social seller base is around 6 million. Cash-in and cash-out outlets are at 732,000, and small-scale community outlets are at 935,000.
Incorporated in 2001, ECPay is a leading electronic payment service provider in the Philippines. It was acquired by Globe in 2019 to enhance its distribution network. ECPay enables merchant partners to process bills payments, electronic prepaid mobile phone top-ups, electronic pins, e-wallet & cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various over-the-counter and digital partners.
Upon closing of the transaction, Mynt will drive synergy by combining the best practices and capabilities of both GCash and ECPay. ECPay will, in turn, benefit from GCash’s rich experience and extensive network, enabling it to extend its market reach and explore new growth avenues.
The transaction, subject to regulatory approvals, is expected to close in the first quarter of2024.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
