Globe Fintech Innovations Inc. (Mynt), the parent company of the digital cashless ecosystem GCash, secured fresh strategic investments from Ayala Corp. and Mitsubishi UFJ Financial Group of Japan. The latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, Mynt recorded P6.7 billion in net income.
Ayala’s wholly-owned subsidiary AC Ventures Holdings Inc. will increase its stake in Mynt by 8 percent, while MUFG Bank Ltd. will acquire an 8-percent interest after entering into binding agreements to invest in 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. Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development, and its expertise in multiple industries will accelerate GCash’s mission,” said Mynt president and chief executive Martha Sazon.
Yasushi Itagaki, senior managing corporate executive and head of the global commercial banking business group at MUFG, said GCash is an indispensable infrastructure for everyday life of Filipinos. “We are delighted to join Mynt as a strategic investor to support the growth of the company. 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 and business segments to thrive,” said Ayala Corp. president and chief executive Cezar Consing.
Mynt saw unprecedented growth in its user base and transactions in the past four years, fueled by innovations and a keen focus on improving customer experience. The company said the fresh investment would further spark economic growth in the Philippines by unlocking financial services to Filipinos.
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 and Ayala will increase its stake in Mynt. Morgan Stanley acted as exclusive financial advisor to Mynt. Mynt, the first and only $5 billion unicorn in the Philippines, is a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
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