Globe Fintech Innovations, Inc. (Mynt), the operator of the Philippines’ leading finance super app GCash, has elevated its market position with fresh investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG), boosting its valuation to an impressive $5 billion.
This new valuation marks a significant rise from its $2 billion valuation in 2021, reflecting the company’s growth and the increasing interest of major global players in the burgeoning digital finance sector in Southeast Asia.
Ayala, through its subsidiary AC Ventures Holdings, Inc., expanded its stake in Mynt by acquiring an additional 8%, reinforcing its commitment to the Philippine economic landscape.
Similarly, MUFG, Japan’s largest banking group, entered the scene by securing an 8% stake through its subsidiary, MUFG Bank, Ltd., marking its first strategic investment in Mynt.
This strategic influx of capital from two renowned financial entities underscores Mynt’s pivotal role in enhancing financial inclusion in the Philippines.
With its expansive user base and transaction volume witnessing unprecedented growth over the past four years, Mynt has solidified its position as a critical component of the Philippines’ digital economy.
The investment by MUFG is particularly notable as it seeks to expand its influence in the Southeast Asian financial sector, leveraging Mynt’s extensive reach and innovative financial solutions to tap into the underserved markets.
On the other hand, Ayala’s increased investment is a vote of confidence in Mynt’s potential to drive further economic growth and digital transformation in the Philippines.
The transaction, which is subject to customary closing conditions and the execution of definitive agreements, promises to propel Mynt’s mission of unlocking financial services for millions of Filipinos, thereby enhancing the economic landscape.
With a valuation of $5 billion, Mynt is not only the Philippines’ first but also its only unicorn in the fintech sector, operating significant ventures like GXI, the mobile wallet operator of GCash, and Fuse Lending, which provides micro and business loans.
