Mynt, the company behind the Philippine mobile wallet GCash, went public on Tuesday after raising about P60.9 billion, including its overallotment option, in the largest IPO in Philippine history. GCash had 41.5 million monthly active users in the second quarter, who use the app to pay merchants, cover bills, send money abroad, borrow, save and invest. Mynt plans to put most of the nearly P10 billion it raised for itself into growing beyond payments, led by lending through its Fuse Financing unit to Filipinos who have little access to banks, until financial services bring in as much revenue as payments do. Mynt is also building GCash wallets that overseas Filipino workers can open with foreign phone numbers.
