GCash bags fresh investments, pushes valuation to USD 5 billion

It welcomed a new strategic partner through the investment.

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Boosting Mynt’s growth

Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has successfully fresh strategic investments from Ayala Corporation, and Mitsubishi UFJ Financial Group (MUFG), a major banking group in Japan. This latest deal pushed Mynt’s valuation to USD 5 billion (around PHP 280 billion), more than doubling its USD 2 billion (around PHP 112 billion) valuation from the last funding round in 2021.

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Through its wholly-owned subsidiary, AC Ventures Holdings, Inc., Ayala will increase its investments in Mynt by acquiring an additional 8 percent stake in the company. At the same time, MUFG, through its consolidated subsidiary, MUFG Bank, Ltd. will also acquire an 8% stake after entering into binding agreements to invest in Mynt.

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, said Martha Sazon, President and CEO of Mynt.

Aligned with its goal towards financial inclusion, the company said this fresh investment will further spark economic growth in the Philippines by unlocking financial services for 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 Mynt's exclusive financial advisor.

Mynt recorded a net income of PHP 6.7 billion in 2023.

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Source: Mynt