Globe Fintech Innovations Inc. (Mint), the parent company of GCash, doubled its valuation to $5 billion from $2 billion after securing substantial investments from Ayala Corp. and Mitsubishi UFJ Financial Group (MUFG) of Japan.
This solidifies Mynt’s position as a leading fintech player in the Philippines and signals its ambitious plans for future growth and innovation.
Ayala, through its subsidiary AC Ventures Holdings Inc., will expand its ownership in Mynt by 8 percent, while MUFG Bank Ltd. will acquire an equal stake. These investments underscore the growing confidence in Mynt’s potential to revolutionize the Philippine financial landscape.
The proposed investment is subject to the execution of definitive transaction documents and the satisfaction of customary closing conditions.
Upon completion, MUFG will join Mynt’s shareholder base, while Ayala will increase its stake in Mynt. Morgan Stanley acted as exclusive financial advisor to Mynt.
“We are thrilled to welcome MUFG as a new strategic partner. 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,” Mynt president and chief executive Martha Sazon said.
“Alongside this, Ayala’s unmatched commitment to Philippine economic growth & development, and its expertise in multiple industries will accelerate GCash’s mission,” she said.
Yasushi Itagaki, senior managing corporate executive and head of global commercial banking business group at MUFG, described GCash as an indispensable infrastructure for Filipinos. “We are delighted to join Mynt as a strategic investor to support the growth of the company,” Itagaki said.
“With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion,” he said.
“We like the long-term growth prospects of Mynt. It is a clear leader in a fast-growing space and a key contributor to the Philippines’ economic growth. Mynt is valuable because it enables underserved Filipino consumer & business segments to thrive,” said Ayala president and chief executive Cezar Consing.
Mynt saw an unprecedented growth in its user base and transactions in the past four years, fueled by innovations and a keen focus on improving customer experience.
Mynt posted a net income of P6.7 billion in 2023.
