GCash targets informal borrowers as Mynt plans lending expansion
Mynt plans to direct around 60% of the net proceeds from new IPO shares towards expanding its loan portfolio over one to three years.
GCash parent Mynt plans to expand lending to Filipinos who borrow informally, with its prospectus earmarking around 60% of net funds raised through newly issued IPO shares for loan portfolio growth over the next one to three years.
At an investor briefing on October 6, executives pointed to the gap between GCash’s 41.5 million monthly active users and its 7.5 million active borrowers. Tony Isidro, president and CEO of lending subsidiary Fuse Financing, identified informal lenders as its largest competitor and biggest potential source of consumer lending business.
Research by Frost & Sullivan, commissioned for Mynt’s prospectus, found that around 40% of Filipino adults who had loans used informal borrowing in 2025. GCash already offers small loans through GLoan Sakto, starting at ₱100, and prepaid credit through Borrow Load, starting at ₱20.
Lending contributed 41.8% of Mynt’s adjusted revenue by the first half of 2026, when its loan portfolio reached ₱70.5 billion. Its lending revenue for 2025 was ₱28.52 billion.
Mynt’s non-performing loan ratio was 4.9% in June 2026, compared with 7.5% in 2025. Credit-loss provisions amounted to ₱12.62 billion in 2025, or 44.3% of lending revenue, followed by ₱7.93 billion in the first half of 2026. Isidro said he was comfortable with the bad-loan ratio staying in single digits.
GCash uses its AI-powered GScore to assess borrowers through transaction records and a voicebot, GINA, to deliver payment reminders. Mynt also plans expansion in merchant services, investments, insurance and overseas markets.
