Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has secured new strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG), raising its valuation to US$5 billion.
This development more than doubles its previous US$2 billion valuation from 2021. It is worth noting that Mynt had reported a net income of PHP 6.7 billion in 2023.
The investment comes as Globe explores a dual Philippines-US listing for GCash amidst 2025 IPO plans.
Ayala, through its subsidiary AC Ventures Holdings, Inc. (ACV), will increase its investment in Mynt by acquiring an additional 8% stake.
Meanwhile, MUFG, through its subsidiary MUFG Bank, Ltd., will also acquire an 8% stake following binding agreements to invest in Mynt.
Mynt has experienced significant growth in its user base and transactions over the past four years, driven by innovations and a focus on customer experience.
This new investment aims to further economic growth in the Philippines by expanding access to financial services.
The investment is subject to the execution of definitive transaction documents and customary closing conditions.
Upon completion, MUFG will join Mynt’s shareholder base, and Ayala will increase its stake.
“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.
Cezar Consing, President and CEO of Ayala Corporation 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 & business segments to thrive.”
