Crypto News

GCash Is Considering IPO to Fund Rapid Expansion

GCash, a popular mobile wallet app in the Philippines with more than 40 million users, is eyeing a possible listing on the Philippine Stock Exchange through Initial Public Offering (IPO) to raise more funds for expansion.

“When it comes to IPO, just like any other company, there’s a perfect timing for [GCash]. So we’ll see, I’m sure… maybe soon,” Vince Yamat, the managing director of Globe Telecom’s business incubator 917Ventures said in an interview.

Gcash is a subsidiary of Globe Fintech Innovations (Mynt), a venture capital company by Globe & Jack Ma’s Ant Financial.

Capital raised through IPO would be used to aggressively expand as GCash aims to reach a gross transaction value of P2 trillion this year due to digital transactions rising exponentially because of COVID-19 pandemic.

According to Vince Yamat, everyone is at risk but even more are those who need to be physically present in their jobs. “So we continue to reinvent lifestyle and movement through different products and services in the areas of health, e-commerce, financial technology & advertising technology that deliver indelible value to consumers & businesses.”

917Ventures counts KonsultaMD, HealthNow, RUSH, AdSpark, & PureGo in its venture portfolio, while constantly looking for new ideas to launch & accelerate. Just this year, GCash already raised around $175 million from New-York based private equity fund Bow Wave Capital Management, raising the payment app’s total projected valuation to around $1 billion. 

Bow Wave Capital Management has captured 14% stake in Mynt while Globe’s stake has been diluted to 40% from 46%, Globe parent Ayala Corp share has been reduced to 6% from 8%.

GCash had also recently revealed plans in adopting cryptocurrencies. “It is important to know what the trends are, whether locally & globally, and crypto is part of that,” GCash President & CEO Martha Sazon, said in an interview.

Source: Inquirer, Manila Standard

This article is published on BitPinas: GCash Is Considering IPO to Fund Rapid Expansion

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