Globe Fintech Innovations (Mynt), the parent company of GCash, has successfully secured fresh strategic investments from Ayala Corporation, one of the largest and most enduring conglomerates in the Philippines, and Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking group and one of the largest financial institutions globally.
This latest deal pushed Mynt’s valuation to $5 billion (about P289 billion), more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, Mynt recorded P6.7 billion of net income.
Through its wholly-owned subsidiary, AC Ventures Holdings, Inc. (ACV), Ayala will increase its investments in Mynt by acquiring an additional 8% stake in the Company. At the same time, MUFG, through its consolidated subsidiary, MUFG Bank, Ltd. will acquire an 8% stake 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 & development, and its expertise in multiple industries will accelerate GCash’s mission,” said Martha Sazon, President and CEO of Mynt.
Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG, said: “GCash is an indispensable infrastructure for everyday life of Filipinos and 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.”
Long-term growth
”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 Cezar Consing, President and CEO of Ayala Corporation.
Mynt has seen 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. Aligned with its commitment towards financial inclusion, this fresh investment will 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. READ MORE TECH NEWS.
