GCash operator Mynt buys payment platform from Globe for $41m

This comes ahead of plans for GCash to launch an IPO.

Globe Telecom, Inc. has entered into an agreement with Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, for the sale of its 77% stake in Electronic Commerce Payments, Inc. (ECPay) for PHP2.31b ($41m). 

ECPay’s minority stakeholder, Payment One, Inc., is likewise a party to the agreement, effectively making the transaction a full acquisition of ECPay by Mynt.

Incorporated in 2001, ECPay, is the leading electronic payment service provider in the Philippines. It was acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bills payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet & cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets.

Upon closing of the transaction, ECPay will have access to GCash’s platform.

“GCash’s meteoric rise to become one of the top fintech brands and the aggressive expansion of its financial services have created a perfect environment for strategic synergies with ECPay. Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers,” Ernest L. Cu, President and Chief Executive Officer of Globe said.

The deal is currently undergoing thorough reviews. Completion is expected upon receipt of approvals from the relevant regulatory bodies and satisfaction of closing conditions.