Mynt Inc., the parent company behind the Philippines’ leading finance super app GCash, has secured full backing from a heavyweight mix of international and domestic financial giants for its upcoming initial public offering (IPO).
The fintech company announced Thursday that over 20 global and local “cornerstone investors”—institutions that agree in advance to purchase fixed amounts of shares—have committed to buy up the entire institutional portion of its stock offering.
The lineup highlights strong international confidence in the Philippine market, featuring high-profile global asset managers such as BlackRock Inc., Capital Research and Management Co., International Finance Corp., Lazard Asset Management, and T. Rowe Price.
Notably, the offering attracted several foreign institutions making milestone investments in the region. Albizia Capital Pte. Ltd., Amundsen Investment Management, and HSBC Global Asset Management (UK) Limited are making their first-ever cornerstone investment commitments in the Philippines. At the same time, Ninety One North America Inc. and Ninety One UK Limited are participating as cornerstone investors in Southeast Asia for the first time.
Domestic financial institutions have also stepped up to back the deal, including ATRAM Trust Corp., BPI Asset Management and Trust Corp., China Bank Capital Corp., Metrobank Bank & Trust Company – Trust Banking Group, Philequity Management, Inc., and RCBC Capital Corp.
“We believe this reflects confidence in our position as the nation’s number one finance super app, our track record of profitable growth, and the significant market opportunity that lies ahead of us,” said Martha Sazon, President and CEO of Mynt.
Evelyn Ng, Mynt’s Chief Financial Officer, emphasized that securing a high-quality, long-term investor base is vital as the company prepares for its next chapter as a public entity.
Market analysts attribute the intense investor appetite to GCash’s dominant market position and business model. As of June, the platform recorded roughly 41.5 million monthly active users—representing over a third of the Philippine population and half of the nation’s adult demographic.
Eric Jurado, hedge fund manager for the Southeast Asia Focus Portfolio, noted that GCash has constructed an ecosystem that would be nearly impossible for rivals to replicate quickly or cheaply.
According to Jurado, GCash has successfully moved beyond basic digital money transfers by executing a “land-and-expand” strategy. The app hooks users with simple everyday services before cross-selling higher-profit financial products, turning its massive user base into a long-term profit driver.
“Competition matters. Credit quality matters… And, perhaps most importantly, earnings growth matters,” Jurado said. “It is about whether one of the Philippines’ most successful digital platforms can continue turning its enormous user base into a long-term earnings-compounding machine.”
