GCash, the finance app under Globe Fintech Innovations Inc. (Mynt), has reached a valuation of $5 billion following new investments. These investments came from Ayala Corp., a major conglomerate in the Philippines, and Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking group.
This new valuation more than doubles the $2 billion valuation Mynt achieved in its last funding round in 2021. By 2023, Mynt reported a net income of P6.7 billion.
“We are thrilled to welcome MUFG as a new strategic partner,” said Martha Sazon, president and CEO of Mynt. “With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved. Alongside this, Ayala’s unmatched commitment to Philippine economic growth & development, and its expertise in multiple industries will accelerate GCash’s mission.”
Ayala, through its subsidiary AC Ventures Holdings Inc. (ACV), will increase its stake in Mynt by acquiring an additional 8%. MUFG, through MUFG Bank Ltd., will also acquire an 8% stake after finalizing investment agreements.
Digital economy
“With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion,” said Yasushi Itagaki, senior managing corporate executive at MUFG.
In recent years, Mynt has experienced rapid growth in its user base and transaction volume, driven by continuous innovation and a focus on enhancing customer experience. This new investment aims to further boost economic growth in the Philippines by expanding financial services access.
The investment will be finalized once transaction documents and closing conditions are completed. After this, MUFG will join Mynt’s shareholders, and Ayala will increase its stake. Morgan Stanley was Mynt’s exclusive financial advisor for the deal.