Ask TBM: What’s Next for GCash After Becoming the Philippines’ First $5B Unicorn?

What's next for GCash after becoming the country's first $5 billion unicorn? The Business Manual consults with an expert on what this means for business.

Globe Fintech Innovations, Inc. (Mynt), the parent company of the Philippine mobile payments service GCash, recently made a splash in the business community as the first $5 billion unicorn in the country.

Mynt secured new investments from conglomerate Ayala Corporation and Japan’s largest banking group Mitsubishi UFJ Financial Group (MUFG). This latest infusion boosted Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, Mynt recorded PHP 6.7 billion in net income. Mynt operates GXI, the mobile wallet operator of GCash.

Through its wholly-owned subsidiary, AC Ventures Holdings, Inc. (ACV), Ayala will increase its investments in Mynt by acquiring an additional 8% stake in the Company. At the same time, MUFG, through its consolidated subsidiary, MUFG Bank, Ltd. will acquire an 8% stake after entering into binding agreements to invest in Mynt.

The Business Manual talked with Joseph de Leon, Principal of Bullet Day Consulting and founding member of Manila Angel Investors Network (MAIN), to get his thoughts on this major milestone.

What is your opinion on Gcash being the first and only $5 billion unicorn in the Philippines?

This is an inflection point for the Philippine startup ecosystem. We’ll look back on this a decade from now and celebrate this as a turning point for us.

It is the business equivalent of Roger Bannister breaking the physical and psychological barrier of the four-minute mile. 

Now that Globe has breached this $5 billion valuation on its march to a 2025 IPO [initial public offering] in the US, it gives local founders and international investors the inspiration, permission and attention to do it again and again. 

How does this valuation compare to similar financial tech / financial service apps in the region and around the world?

At the Singapore FinTech Festival 2023, Eric Jing, chairman and CEO of Ant Group, owner of the world’s biggest mobile payment platform, Alipay, lauded GCash as their “best start-up investment.” 

‍The PE ratio for a fintech is about 15x. A $5 billion valuation at the projected $200 million GCash has a PE ratio of 25x.

Why do you think the company is leading the pack compared to its competitors such as Maya? What is it doing right?

Globe has been strategic about leveraging their asymmetrical advantages into higher and higher barriers for their competition. They are not only making the most of what they have that others don’t. Globe builds on those advantages to level up above the competition again and again. 

Creative monopoly forms a barrier to entry

Building a creative monopoly is the textbook approach to building a Unicorn as outlined in the book “Zero to One: Notes on Startups, or How to Build the Future”.

So while some may grumble that GCash is not really a startup since it was born from within Globe itself and has the advantage of insider access to the subscriber base; that does not diminish the actual achievement. 

Strategic investors leapfrog breakthroughs

Since Ant Financial has already gone through the growing pains in China, Globe was able to navigate market growth without making the same mistakes. And they are able to grow faster because they are riding the rails already laid out by Alipay and partners such as Visa.

Timing of the market and technology

Globe got lucky but as they say, fortune favors the prepared and the bold. 

The forecasted base of e-commerce users expected by 2025 was achieved in 2020 because of the pandemic. Since Globe had the market share, technology stack, organizational leadership, and network of partnerships in place, they were able to ride the wave the farthest.

What’s next for GCash?

As an outsider, my opinion on GCash’s opportunities may not fully reflect the actual strategies of Mynt’s management. 

GCash has stated their focus is greater financial inclusion for consumers and businesses.

Digital Lending

In line with their other regional investments, MUFG will likely fund digital lending. Perhaps they will raise the average loan amounts beyond their current PHP 25k cap. This should increase the ARPU [average revenue per user] and LTV [loan to value] among current users.

Banking License 

Now that the Central Bank has re-opened the doors, GCash will likely secure a digital banking license to offer a full suite of services. 

Fractional Investing

Globe is well positioned to help uplift people out of poverty by bringing investment opportunities within reach. By breaking down the cost of one full Philippine ETF [exchange traded fund] share $26 into 100 to about 2.6 cents of 15 Pesos–then investing becomes affordable for almost everyone.


Joseph de Leon is the Principal of Bullet Day Consulting. In the start-up domain, he is a globally recognized mentor, investor and partner for startups, incubators and VC funds.

He is a founding member, Board Ambassador, and head of Screening & Mentoring of Manila Angel Investors Network (MAIN). MAIN is the country’s largest active angel investor network, winner of Start-up Investor of the Year for the Philippines’ 2019 RiceBowl Awards and partnered with Investing In Women, an initiative of the Australian Government, to nurture more female founders and funders. ​

​JDL has the privilege of being selected by Founder Institute as one of their top global mentors, an Ambassador for Seedstars SA and the Philippines’ first AWS Scout.

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