GCash parent Mynt Inc. plans to channel P5.7 billion from its upcoming initial public offering (IPO) into lending, as CreditTech contributes a growing share of the financial technology group’s revenue.
CreditTech is Mynt’s digital lending business segment.
The fintech’s final prospectus earmarked P5.65 billion, or 60 percent of estimated net primary proceeds of P9.42 billion, for CreditTech expansion.
The funds will support growth in its on-book loan portfolio from 2027 to 2029, supplementing available cash and credit lines from local and international financial institutions.
CreditTech revenue jumped 38.8 percent to P17.98 billion in the first half of 2026. It accounted for 41.8 percent of Mynt’s adjusted revenue, up from 33 percent a year earlier.
Loan disbursements rose 33.2 percent to P91.1 billion during the period. The total loan portfolio reached P70.5 billion at end-June, up 33.5 percent.
On-book loans, which remain on the company’s balance sheet, accounted for 88.9 percent of the portfolio.
Mynt had 7.5 million active borrowers at end-June, equivalent to 18.1 percent of monthly active users.
The company also plans to expand lending to nano, micro, small and medium enterprises. Its GLoan Negosyo product offers eligible merchants loans of up to P2 million.
Provision for credit losses increased 29.6 percent to P7.93 billion in the first half, reflecting growth in on-book loans.
Still, the nonperforming loan ratio improved to 4.9 percent at end-June from 7.5 percent at end-2025.
Beyond lending, Mynt allocated P1.88 billion for product development from 2027 to 2029, including new business products, cross-border services and investments in technology, data and artificial intelligence.
Another P1.88 billion will fund general corporate purposes from 2027 to 2031, including operations and sales and marketing.
At P6.60 per share, the IPO’s base offer will raise about P53 billion. This could reach P60.9 billion if the overallotment option is fully exercised.
Mynt will receive proceeds only from primary shares. Proceeds from secondary shares will go to selling shareholders.
AB Capital Securities Inc. said P36.5 billion in cornerstone commitments covered about 69 percent of the base offer, ‘providing a substantial demand anchor.’
The brokerage warned that the remaining offer could add pressure to market liquidity amid foreign outflows and weak sentiment, although broader economic factors remained the main headwind.
Still, AB Capital said Mynt would bring ‘a new growth engine to the Philippine Stock Exchange (PSE),’ offering investors exposure to one of the country’s largest digital platforms and the expansion of financial technology.