The acquisition is set to enhance GCash's fintech services and expand financial accessibility. Globe officials stated that Mynt’s digital expertise will benefit ECPay, tapping into its untapped potential. Additionally, this move enables GCash to stand out amidst the growing competition in the mobile wallet market.
Globe acquired ECPay in 2019, with ECPay being a main provider of electronic customer purchase and payment systems in the Philippines. The company has been facilitating secure and timely payment services for retail outlets and partners for over 22 years, offering convenient payment platforms to customers. Currently, the Philippines-based company has over 570 Biller and Portfolio partners and operates through 490,000+ over-the-counter and 3000+ digital payment touchpoints nationwide.
ECPay’s operations hub is a complement of over 200 employees, dedicated in providing consistent and timely delivery of ECPay services, products and information to its clients.
In 2021, Mynt, valued at over USD 2 billion, secured more than USD 300 million in funding. The investment, led by Warburg Pincus and Insight Partners, involved contributions from Itai Tsiddon, Amplo Ventures, Globe, Ayala, and Bow Wave. With this funding, the company planned to introduce Buy Now, Pay Later products through its subsidiary Fuse and banking partners.
Also in 2021, Mynt has joined forces with Finnish payment service provider Enfuce to enhance its Visa corporate card and expense management services. Through this collaboration, Mynt can onboard new clients, providing them with virtual cards, spending limits, and expense management tools.
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