For the three months ended June 30, 2026, the GCash App recorded 41.5 million monthly active users (MAU), representing almost 56% of the country's total adult population. In the same Frost & Sullivan report, the GCash App had four times the number of active users of its closest competitor and ranked among the top three most-used apps nationwide across all categories.
The business runs on four pillars: Payment Solutions (payments and transfers plus Digital Solutions), CreditTech (GLoan, GLoan Sakto, GGives, GCredit, Borrow Load), WealthTech (GSave, GFunds, GStocks PH, GBonds, GCrypto, GInsure), and B2B merchant services. As of June 30, 2026, the ecosystem connected 1.3 million cash-in/cash-out touchpoints, 2.4 million QR Ph-enabled merchants, over 3,000 billers and government partners, and 175 million global merchants across more than 200 countries and territories.
The depth of adoption is what stands out. As of June 30, 2026, the platform had served 7.5 million Active Borrowers and enabled the opening of 17.9 million savings accounts, 9.2 million managed investment fund accounts, and 2.0 million local stock market accounts. Daily average transactions reached 63.6 million in 1H26, up from 56.7 million for full-year 2025 and 40.6 million for 2024, while the share of MAU using three or more use cases rose from 56% in December 2023 to 69% in December 2025.
Financial Highlights
Adjusted Revenues rose from ₱33.60 billion in 2023 to ₱79.67 billion in 2025, a 54% two-year CAGR, while net income nearly tripled over the same stretch, from ₱6.38 billion to ₱17.25 billion (64% CAGR, 20.40% average net income margin). That pace eased in the first half of 2026. Adjusted Revenues reached ₱43.03 billion, up 9.80% YoY from ₱39.19 billion in 1H25, and net income rose 7.30% to ₱10.82 billion from ₱10.09 billion. Payment Solutions GTV, however, kept climbing faster than the top line, up 22.60% YoY to ₱9,843.5 billion for the period, a sign that transaction volume is still scaling even as revenue growth normalizes off a high base. Mynt turned profitable in 2021 and remains one of only two Southeast Asian fintechs to have achieved both scale (over US$1 billion in annual revenue) and profitability as of end-2025, according to Frost & Sullivan.
The lending book told a similar story of deceleration paired with improving quality. The Total Loan Portfolio stood at ₱70.50 billion as of June 30, 2026, with 88.90% held on-book. Asset quality strengthened over the half, with the NPL ratio falling to 4.90% from 7.50% at end-2025, while net interest margin after losses improved to 24.60% from 23.70% over the same period, underwritten throughout by GScore, Mynt's proprietary AI-driven trust score built on platform transaction data.
Growth Opportunity
Mynt frames its addressable market across four digital finance verticals, all underpinned by persistent underpenetration. As of 2025, roughly 50% of Filipino adults remain unbanked, more than 40% of cities and municipalities still lack a physical banking presence, credit penetration sits at just 12%, and 40% of adult borrowers still rely on informal lending sources.
Digital payments: market GTV projected to grow from ₱93.5 trillion in 2024 to ₱285.3 trillion by 2030, an implied CAGR of 20.4%.
Digital lending: consumer credit outstanding projected to grow from ₱424.7 billion in 2024 to ₱1,353.2 billion by 2030 (21.3% CAGR), with digital's share of total consumer credit rising from 8% to 15%.
Digital wealth management: UITF AUM projected to grow from ₱9,793 billion in 2024 to ₱23,401 billion by 2030 (15.6% CAGR), and crypto trading GTV from ₱6,225 billion to ₱45,181 billion (39.1% CAGR). Only 2% of the population participates in the stock market and 0.4% hold investment funds.
Digital insurance: gross written premiums projected to grow from ₱40 billion in 2024 to ₱107 billion by 2030 (18.1% CAGR).
Against this backdrop, management is executing on six strategic pillars:
Expanding everyday access: deepening use case frequency outside the NCR via sticky products (savings, investments) and lifestyle features (Commute QR, Scan to Order, Food Hub, GJobs).
Scaling Digital Financial Services: cross-selling higher-margin CreditTech and WealthTech, powered by GScore and a balanced on-book/off-book funding strategy.
Accelerating NMSME and B2B digitalization: via GCash Pera Outlet, merchant lending, SoundPay, PocketPay, EasyPOS, and the GCash for Business Portal.
Expanding internationally: serving Overseas Filipinos through GCash Overseas (145+ countries), Virtual US Accounts, Global Pay, the GCash Visa Card, Tap to Pay, and the upcoming GTourist app.
Technology and AI: Pera Coach, Gigi, the GINA collections voicebot, and the GCash-in-a-Box dev platform.
Strategic partnerships and acquisitions: leveraging shareholders Ant International, Globe Telecom, Ayala Corporation, MUFG, and Mitsubishi Corporation.
Use of IPO Proceeds
Mynt intends to use the net proceeds from the sale of the Primary Shares for:
Digital Financial Services growth
Product development
General corporate purposes
Worth flagging: The bulk of the offer is secondary. Of the up to 8,027,409,600 shares on offer, only up to 1,605,481,900 are primary shares issued by the Company, roughly ₱10.60 billion in gross proceeds at the top of the indicative price range. The remaining up to 6,421,927,700 secondary shares being sold by existing shareholders, and the Company will not receive any proceeds from those sales.
Details of the Offering
Mynt is offering up to 8,027,409,600 Firm Shares, consisting of up to 1,605,481,900 primary shares to be issued by the Company and up to 6,421,927,700 secondary shares to be sold by the selling shareholders, a group that includes Ant Advanced New, Bow Wave, Lion Fintech, Insight Partners, the LGVP entities, and individual selling shareholders like president and CEO Martha Sazon and CPO Robert Gonzales. An Overallotment Option of up to 1,204,111,400 option shares has been granted to the Stabilizing Agent, UBS AG Singapore Branch.
At an offer price of ₱6.60 per share and full exercise of the overallotment, the transaction would raise up to approximately ₱60.93 billion.
Issuer: Mynt, Inc.
Ticker Symbol: GCASH
Offer Price: ₱6.60/share
Offical Offer period: October 6 to October 12, 2026
DragonFi Subscription Window: October 5 (12:00 a.m.) to October 7, 2026 (3:00 p.m.)
Listing date: October 20, 2026
Min. Subscription: 1,000 common shares
Dividend Policy: Mynt does not have a fixed dividend policy.
How to Subscribe?
DragonFi account holders who wish to participate can subscribe to the offering by going to Market → Calendar → IPO, or by clicking this link. Subscriptions can also be made through DragonFi Lite on the Maya app and PH Stocks on GoTyme.
Important IPO Reminder
Please ensure you have a sufficient cash balance under Available to Withdraw. Cleared funds will be deducted immediately. If you are partially allocated, the remaining funds will be returned by October 8, 2026.
Disclaimer: This material is for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation to buy any security. The information presented is drawn from the Mynt, Inc. prospectus and remains subject to change, including the final offer price, offer period, and listing date. Prospective investors should rely on their own independent evaluation of the Offer Shares and should read the final prospectus in full, including the Risk Factors section, before making any investment decision. DragonFi Securities Inc. is not the issuer, selling shareholder, or underwriter of this offering, and receives no compensation for the views expressed in this material. Participation in the offering is subject to the terms, conditions, and eligibility requirements set out in the prospectus and the Offer Implementing Guidelines. Investing in securities carries risk, including the possible loss of principal, and past performance is not indicative of future results.