Ayala Corporation announced on Friday that it has agreed to sell a 50 percent stake in its venture capital arm, AC Ventures Holding Corp. (ACV), to Japan’s Mitsubishi Corporation for P18.4 billion.
Currently, ACV holds a 13 percent stake in Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, the leading finance super app in the Philippines. Following this transaction, Ayala’s stake in ACV will decrease to 50 percent, while Mitsubishi will acquire a 6.5 percent stake in GCash. ACV will maintain another 6.5 percent, and MUFG Bank Ltd. will hold an 8 percent stake.
Ayala said, “These initiatives are aligned with AC’s strategic priority to support the growth of clear business winners within its portfolio.”
Mynt recently doubled its valuation from USD2 billion to USD5 billion after securing a substantial USD786 million investment from MUFG and Ayala. This increase reinforces Mynt’s position as a dominant fintech player in the Philippines and underscores its plans for future growth and innovation.
Over the past four years, Mynt has experienced remarkable growth in its user base and transaction volume, driven by innovative solutions and a strong emphasis on enhancing customer experience. In 2023, Mynt reported a net income of P6.7 billion.
