GCash Valuation Soars to $5B

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 and development, and its expertise in multiple industries will accelerate GCash’s mission.

MARTHA SAZON
Mynt President and CEO

Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, the Philippines’ leading finance super app and largest digital cashless ecosystem, has successfully secured fresh strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group (MUFG). This latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021.

Through its wholly owned subsidiary, AC Ventures Holdings, Inc. (ACV), Ayala will increase its investments in Mynt by acquiring an additional 8 percent stake in the company. MUFG, Japan’s largest banking group and one of the largest financial institutions globally, will acquire an 8 percent stake through its consolidated subsidiary, MUFG Bank, Ltd., after entering into binding agreements to invest in Mynt.

Said Ayala President and CEO Cezar P. Consing: "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 and business segments to thrive."

Mynt is the first and only $5 billion unicorn in the Philippines. In 2023, it recorded a net income of P6.7 billion. The company has seen 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. Morgan Stanley acted as exclusive financial advisor to Mynt.