GCash, the e-wallet of Globe Fintech Innovations lnc., said Thursday it became profitable in 2021, three years ahead of target.
“We’ve reached positive full-year EBITDA [earnings, before income, taxes, depreciation and amortization] and have achieved profitability three years ahead of target, making Mynt one of the very few fintechs [financial technology companies] in the world that are able to make money,” Mynt president and chief executive Martha Sazon said in a virtual briefing.
Gcash had 55 million registered users as of end-2021, up from 33 million in 2020. The company recorded 17 million peak daily transactions last year, higher than 6 million daily transactions in 2020.
Sazon said the increase in usage helped the company to achieve its initial P3-trillion annual gross transaction value outlook and ended with P3.8 trillion GTV in 2021. GCash had 290 merchant partners and 174,000 cash-in, cash-out agent network.