Mynt, the holding company of finance super app GCash, signed an agreement with Globe Telecom Inc. and Payment One Inc. to acquire a 100-percent stake in Electronic Commerce Payments Inc. (ECPay) for P3 billion.
Mynt said the acquisition of ECPay would strengthen its position as a partner for growth of micro, small and medium enterprises (MSME). This also allows Mynt to create a more comprehensive suite of solutions to help drive financial progress for MSMEs.
“Mynt, through its fintech subsidiaries, has already built the largest digital ecosystem for our users which extends all the way to the grassroots level. ECPay is a big boost to our financial inclusion journey as we find synergies with their 570 biller and portfolio partners, 490,000+ over-the-counter channels and 3000+ digital touchpoint channels,” said Mynt president and CEO Martha Sazon.
GCash’s merchant and social seller base is around 6 million. Cash-in and cash-out outlets are at 732,000, and small-scale community outlets are at 935,000.
ECPay, incorporated in 2001, is a leading electronic payment service provider in the Philippines. It was acquired by Globe in 2019 to enhance its distribution network.
ECPay enables merchant partners to process bills payments, electronic prepaid mobile phone top-ups, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments and credit card payments in their various over-the-counter and digital partners.
Mynt said the transaction would drive synergy by combining the best practices and capabilities of both GCash and ECPay.
ECPay will, in turn, benefit from GCash’s rich experience and extensive network, enabling it to extend its market reach and explore new growth avenues. The transaction, subject to regulatory approvals, is expected to close in the first quarter of 2024.