Globe aims to launch more potential unicorns

1 Mins read

GLOBE Telecom, Inc. said the success of GCash operator Globe Fintech Innovations, Inc.’s (Mynt) latest funding round motivates the company to launch more potential unicorns in the near future.

“We believe that our strategy to use the telco business as a platform to become a digital solutions group by exploring adjacencies in high-growth areas such as fintech (financial technology), healthtech (health technology), adtech (advertising technology, and e-commerce, among others, will embolden us to launch more potential unicorns in the near term and pave the way for us to become a leader in the digital space,” Globe President and Chief Executive Officer Ernest L. Cu said in a statement on Friday last week.

Globe recently announced that Mynt had raised over $300 million in fresh funding, bringing its valuation to more than $2 billion (double unicorn status).

GCash now has more than 51 million registered users, 3.9 million digital touchpoints, over 94,000 cash-in and cash-out agents, and more than 750 billers.

Globe said GCash is on track to triple its gross transactions handled to P3 trillion this year from the record P1 trillion reported last year.

The telco saw its attributable net income for the third quarter increase 11.8% to P4.91 billion from P4.39 billion in the same period a year ago.

Total revenues for the period grew 3.8% to P38.09 billion from 36.68 billion previously.

“The rising data consumption and broadband usage in the country remains the biggest driver for this period’s improved topline,” Globe said.

“Total data revenues accounted for 80% of total service revenues from 76% last year,” it added.

As of September this year, the telco’s attributable net income increased 12.8% to P17.90 billion from P15.87 billion in the same period in 2020.

Total revenues for the January-to-September period grew 4.1% to P113.55 billion from P109.10 billion in the previous year.

Globe Telecom shares closed 1.15% lower at P3,430 on Friday. — Arjay L. Balinbin