GCash, the leading fintech platform in the Philippines and recognized as a ‘double unicorn’, is gearing up for one of the most awaited initial public offerings (IPOs) in the country’s financial landscape. However, recent events have cast a shadow over these aspirations, as a significant cache of alleged user data has appeared for sale on a dark web forum.
A user going by the handle ‘Oversleep8351’ posted an alarming listing claiming to have acquired records dating from 2019 through October 2025. This data reportedly encompasses sensitive eKYC (Know Your Customer) details, associated bank accounts, and GCash numbers.
The seller asserts that the data leak affects both merchant accounts and everyday users, compromising personal information such as names, addresses, employment histories, and even valid Philippine IDs. This extensive database, reportedly comprising 7 to 8 million users, is being offered in bundles, with prices reaching £20,800 ($25,000), and transactions are only accepted in the privacy-focused cryptocurrency Monero (XMR).
While the post indicates the data is ‘unorganized,’ meaning potential buyers would need to sort through it manually, the seller has made it clear that they will only engage with ‘existing buyers’ from previous transactions on the dark web. If this claim turns out to be accurate, it would mark one of the most significant data breaches in the history of a Philippine fintech outfit.
Allegations of Data Breach Complicate IPO Plans
This security breach couldn’t come at a worse time for GCash, as the eagerly anticipated IPO is perceived by many analysts as a crucial moment for the Philippine startup ecosystem.
“We need to provide assurance to founders and investors that there is a viable exit strategy, that their investment—whether in time or capital—can culminate in a positive outcome,” remarked Paulo Campos III, founding managing general partner at Kaya Founders, in an interview with BusinessWorld.
As GCash aims for a remarkable valuation of around £6.67 billion ($8 billion) following its public offering, its parent company, Globe Fintech Innovations, Inc. (also known as Mynt), stands out as the first and only firm in the Philippines to reach ‘double unicorn status’. This milestone was achieved after Mynt raised £250 million ($300 million) in a funding round in 2021, elevating its valuation to over £1.67 billion ($2 billion).
The Potential of a Successful IPO for Philippine Tech
Rene Cuartero, the founder and CEO of venture capital firm AHG Lab, emphasized that the GCash IPO could serve as a transformative moment for the expanding startup scene in the Philippines.
“The IPO will demonstrate a viable path for many of our startups towards market listings,” he explained. “It also presents an excellent opportunity to evaluate any regulatory adjustments needed to accommodate both large and smaller tech firms interested in going public.”
Historically, GCash has followed a typical startup trajectory, progressing toward IPO readiness over its nearly two-decade existence. Launched in 2004, GCash has amassed over 94 million registered users, with its popularity skyrocketing during the pandemic’s digital payment boom. Today, its services extend across 16 global markets, including the United States, the United Kingdom, Australia, and Japan.
Oscar Enrico A. Reyes, Jr., the president and CEO of G-Xchange, Inc.—the company behind GCash—highlighted the IPO’s significance for the nation. “It’s crucial that this IPO succeeds,” he stated emphatically. “A successful offering would make the investment community re-evaluate the Philippines’ potential as a tech hub.”
Reyes added, “This initiative is a homegrown success story. If we can become one of the largest and most prosperous startups to list publicly, it could encourage investors to explore additional opportunities within the Philippines.”
