As Globe continues its drive towards going beyond telco, non-telco revenues jumped to ₱2.8 billion in the first nine months of 2022, up 101% from the same period last year.
This performance was once again due to substantial revenue contributions from multi-payment platform Electronic Commerce Payments Inc. (ECPay), Yondu, and Asticom.
ECPay has reported significant growth in digital merchant partners as many Filipinos shifted to digital channels. As of November, the company has grown its general trade retail base to 398,358.
Globe acquired a 77% equity interest in ECPay in October 2019, adding value to its distribution channels. The move enabled the company to provide small business owners with a platform to offer more products and services that help stimulate growth in the e-commerce industry and the digital economy.
Through top-notch IT solutions company Yondu, Globe provides Philippine businesses with cloud services and software development, among other innovative technology solutions.
On the other hand, shared services company Asticom has grown extensively over the years, with 5,000 employees serving more than 200 clients in the telecom, financial technology, IT, retail, health, logistics, automotive, banking, education, real estate, and e-commerce industries. It now operates as the Asticom Group of Companies.
“We are glad to see our non-telco revenues continuing their rapid growth momentum. We believe that our decision to pivot and expand our growth opportunities through non-telco services have paved the way for us to remain relevant and competitive. Being at the forefront of digital innovations, Globe is bringing the company closer to its vision of uplifting the lives of Filipinos,” said Ernest Cu, Globe Group President and CEO.
From its core telco business, Globe has diversified its offerings to include financial technology, healthcare, edutech, entertainment, adtech, e-commerce, manpower, information technology services and investments.
Its corporate incubator 917Ventures has a number of portfolio companies led by fintech platform Mynt, which operates GCash, the undisputed leader among finance apps. The popular e-wallet service has 71 million registered users, with 5.5 million merchants and social sellers, and around 582 GLife merchant partners.
917Ventures also operates telehealth service platforms KonsultaMD and HealthNow. KonsultaMD is exhibiting strong growth with more than 2 million users across over 50,000 retail outlets nationwide. HealthNow and its subsidiary AIDE has 1 million customers served by over 1,000 healthcare providers across more than 45 specialties.
Other 917Ventures portfolio companies are, likewise, performing well. AdSpark, the award-winning and largest locally ad-based data-powered digital media and creative agency, has already launched more than 3,100 digital campaigns.
Rappit, previously known as PureGo, has been quickly expanding its reach and has over 10,000 products available in 18 stores in the National Capital Region and Greater Metro Manila areas, serving 38 cities.
m360, the largest app-to-person (A2P) multi-channel messaging platform, generates over 1.1 billion average monthly traffic with access to over 150 million mobile SMS users and over 45 million over-the-top media service users in the Philippines. Recently, it expanded its reach to 227 global destinations through its 700 partner mobile network operators.
Now powering more than 500 brands nationwide, eCommerce and loyalty company RUSH has made it to the Top 10 E-commerce Solutions Companies for 2022 of APAC CIO Outlook, the only Philippine firm on the index. It also made the global shortlist for the overall SaaS awards by APPEALIE.
Meanwhile, Globe’s corporate venture capital arm, Kickstart Ventures, is one of the most active venture capital firms in the Philippines. It manages two funds for Globe and advises the $180-million Ayala Corporation Technology Innovation Venture (ACTIVE) Fund, the largest fund to come out of the Philippines. Out of these three funds, Kickstart now has 59 investments in eight countries, backing 124 founders.