Globe Fintech Innovations, Inc., the parent company of GCash and better known as Mynt, has secured significant new investments from Ayala Corp. and Mitsubishi UFJ Financial Group of Japan, effectively valuing the financial technology company at USD5 billion compared with only USD2 billion in 2021.
Mynt reported a net income of P6.7 billion at end-2023.
Ayala, through subsidiary AC Ventures Holdings Inc., will increase its investment by acquiring an additional 8 percent stake in Mynt while MUFG, through subsidiary MUFG Bank Ltd., will also take an 8 percent stake in the company.
“We are excited to welcome MUFG as a strategic partner,” said Martha Sazon, president and chief executive officer of Mynt. “Their global expertise and reach in financial inclusion will be crucial in expanding GCash’s social impact. Alongside Ayala’s commitment to Philippine economic development, this partnership will accelerate GCash’s mission,” she added.
Yasushi Itagaki, senior managing corporate executive at MUFG, said the Japanese company is pleased to support the growth of GCash given its essential role in the lives of Filipinos. “Our investment aims to enhance the country’s digital economy and financial inclusion,” he said.
Ayala president and CEO Cezar Consing said the fresh investment underscores its confidence in the long-term growth of Mynt. “As a leader in a rapidly growing sector, Mynt plays a vital role in the Philippines’ economic expansion and supports underserved consumer and business segments,” he said.
Mynt has experienced remarkable growth in user base and transactions over the past four years, driven by innovation and a focus on customer experience. The new investment is expected to further advance financial inclusion and stimulate economic growth in the Philippines.
The investment is subject to the completion of definitive transaction documents and customary closing conditions. When completed, MUFG will join Mynt’s shareholder base, and Ayala will expand its stake in the company. Morgan Stanley served as the exclusive financial advisor to Mynt.
