NEW YORK, Oct. 8, 2024 /PRNewswire/ -- Ubie Inc. is pleased to announce that it has received investment from Google in its latest funding round.
Through this deal, the two companies agreed to help advance digital transformation of Japan's healthcare system using digital innovations including generative AI.
About Ubie Inc.
Ubie is a health tech company with the mission of leveraging technology to guide people to the appropriate care. Our consumer service "Ubie" helps over 12 million people access appropriate medical care each month. "Ubie Medical Navigator" for healthcare institutions supports improving the quality of medical consultations in over 1,700 medical institutions nationwide, while "Ubie for Pharma" maximizes prescription opportunities in collaboration with pharmaceutical companies.
Since its founding in 2017, Ubie's contributions through business activities, in collaboration with stakeholders, are estimated to have extended healthy life expectancy by over 27,000 years and created an economic value exceeding 150 billion yen. Additionally, Ubie established a U.S. subsidiary in 2022 and is working on expanding its presence there.
Learn more about our vision and work at https://ubiehealth.com/company or try our free Symptom Checker at https://ubiehealth.com/.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Ubie, Inc. adds Google as an investor in its latest funding round
The Philippines' top finance super app makes history as country's only $5 billion unicorn
MANILA, Philippines, Oct. 9, 2024 /PRNewswire/ -- Rooted in its mission to democratize financial services, GCash, the leading finance app in the Philippines, celebrates 20 years of commitment to digital financial inclusion as the nation's first unicorn with a valuation exceeding $5 billion. This milestone highlights GCash's global influence and its role in empowering users in the Philippines and across the world.
By consistently delivering innovative and accessible financial solutions, GCash stands out as one of the few financially sustainable fintech companies worldwide, dedicated to bridging the financial divide for underserved communities.
Key investments from Ayala Corporation, one of the Philippines' largest and most diversified conglomerates, and Mitsubishi UFJ Financial Group (MUFG), Japan's leading financial institution, have more than doubled GCash's valuation from $2 billion in 2021. This recent funding round, which saw Ayala and MUFG each acquire an additional 8% stake in Mynt, the parent company of GCash, further solidifies GCash's position as a trailblazer in financial inclusion across Southeast Asia.
"These past 20 years, we have made strides to provide more Filipinos with access to financial services. Now, we want to take it a step further and be their partner towards financial health and wellness," GCash President and CEO Martha Sazon said. "Encouraged by the vision set by the Bangko Sentral ng Pilipinas and the United Nations towards digital financial inclusion, we will keep innovating to help Filipinos thrive everyday, be ready for a rainy day, and prepare for one day."
Redefining financial access
Since its inception, GCash has prioritized how technological innovations can help promote financial inclusion. Before the pandemic, only 29% had bank accounts, less than 1% had access to investments, and 2% held credit cards. With 47% of the population still unbanked, GCash leveraged digital tools to significantly broaden access to digital financial services. Beyond basic transactions, the finance super app offers innovative in-app credit services and affordable lending products like GCredit, GLoan, and GGives and has disbursed PHP 155 billion to 5.4 million unique borrowers, including underserved segments.
In wealth management and insurance, GFunds has on boarded 6.6 million users and handles 3 in 4 UITF transactions. Meanwhile, GStocks represents 1 in 5 PSE accounts with 682,000 users and GInsure protects 7.8 million Filipinos with 28 million policies sold, making investment products and financial protection more inclusive and responsive to the needs of Filipinos.
Financial empowerment across the Philippines and beyond
GCash's influence extends far beyond the country, solidifying its position as a global player in fintech. Through international remittance services, GCash Overseas, and Global Pay, GCash caters to the needs of millions of Overseas Filipino Workers (OFWs) and provides seamless financial services across borders. GCash Overseas allows Filipinos abroad to create GCash accounts using their international mobile numbers and send money back home, pay bills, and more from 16 countries and territories. Meanwhile, Global Pay enables Filipinos to use their GCash app in 47 countries at over 3 million merchants worldwide. This global expansion has also allowed GCash to become the second most-used finance app in the UAE, underscoring its global relevance.
GCash's services have not only increased the number of accounts but also redefined the demographics of financial inclusion. In fact, 90% of GCash users come from lower-income classes, 57% are women, and 74% reside outside Metro Manila. This inclusivity is a testament to GCash's commitment to being a "champion of digital financial inclusion," helping Filipinos thrive in their everyday lives, wherever they are.
A sustainable and inclusive future for all
Beyond financial inclusion, GCash is also committed to environmental and social sustainability, making it one of the few financially sustainable fintech companies globally. Through its GForest initiative, GCash has mobilized 17 million users to plant over 2.8 million trees, reducing carbon emissions by 138,000 metric tons. This reforestation effort not only contributes to environmental conservation but also provides livelihoods for over 8,600 farmers.
By continually evolving and expanding its offerings, GCash is poised to solidify its status as a leader in the global fintech arena, driving transformative change that not only helps Filipinos thrive every day but also enhances the broader financial ecosystem beyond the Philippine borders.
About GCash
GCash is the Philippines' #1 Finance Super App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. Its mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only $5 billion unicorn in the Philippines.
GCash is a staunch supporter of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
GCash marks 20 years of pioneering digital financial inclusion in the Philippines and beyond
