GCash operator Mynt secures more than 20 cornerstone investors for its IPO

Implications

Facts

Cornerstones: more than 20 investors including BlackRock, T. Rowe Price, Capital Research and the International Finance Corporation (IFC) committed PHP 36.5 bn, about 68.8% of the base offer. Source: Interaksyon (24 September 2026). ¹

Size: up to PHP 80.3 bn (up to PHP 92.3 bn including over-allotment) at a maximum of PHP 10 per share (final price to be set after the offer closes). The offer period is 6–12 October and listing is scheduled for 20 October. At the top of the range it would be the country's largest equity offering. Sources: Interaksyon; The Manila Times (PSE listing approval, 18 September).

Business: GCash has about 49 million users, about 42% of the population, and more than 78% of them outside Metro Manila. 2025 revenue was PHP 79.8 bn and profit PHP 17.2 bn. Lending subsidiary Fuse Financing's cumulative disbursements through 2025 were PHP 362 bn. Source: The Manila Times. ²

Analysis

The country's largest e-wallet gains substantial capital-market funding and room to expand financial services, including lending. Because GCash can use payment and remittance histories in underwriting, it competes directly with existing lenders in small unsecured loans and BNPL. Regionally, Grab agreed to acquire BNPL provider Atome (15 September), and super-apps are internalising credit across markets.

Counterpoints and uncertainties

Pricing is not final; depending on market conditions the price could be cut or the deal downsized. Cumulative disbursements are not an outstanding balance and do not directly indicate the size or quality of the lending business. The final prospectus filed with the PSE will fix the offer size and terms.