Mynt Acquires Majority Stake in ECPay

Published 6 months ago

Philippines-based telecom company, Globe, has sold a 77% stake in electronic payment service provider ECPay to GCash’s parent company, Mynt. The acquisition is expected to enhance GCash’s fintech services and broaden financial accessibility.

Enhancing GCash’s Fintech Services

Mynt’s digital expertise will be beneficial to ECPay, tapping into its untapped potential. This move will also allow GCash to distinguish itself amidst the increasing competition in the mobile wallet market.

ECPay, acquired by Globe in 2019, is a leading provider of electronic customer purchase and payment systems in the Philippines. It has been providing secure and efficient payment services for retail outlets and partners for over two decades. The company operates through more than 490,000 over-the-counter and 3,000+ digital payment touchpoints nationwide.

Mynt’s Expansion Strategy

In 2021, Mynt secured over USD 300 million in funding. The investment, led by Warburg Pincus and Insight Partners, included contributions from Itai Tsiddon, Amplo Ventures, Globe, Ayala, and Bow Wave. With this funding, the company planned to launch Buy Now, Pay Later products through its subsidiary Fuse and banking partners.

Furthermore, Mynt has collaborated with Finnish payment service provider Enfuce to improve its Visa corporate card and expense management services. The solution is designed for high-spending businesses, providing unlimited virtual and physical cards, support for larger teams, and robust expense management features. As an E-money Institution authorized by the Swedish Financial Supervisory Authority, Mynt is poised to expand its product offerings and enter new markets.

Related news