Mynt, Inc. (“Mynt”), the parent company of the Philippines’ number one finance super app and largest digital cashless ecosystem, GCash, has successfully secured fresh strategic investments from Ayala Corporation (“Ayala”), 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, more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, Mynt recorded PHP 6.7 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.”
"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.
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 finance super app and largest digital cashless ecosystem in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About Ayala Corporation
For 190 years, Ayala Corporation has been building businesses that enable people to thrive. As one of the largest and most enduring conglomerates in the Philippines, Ayala has established meaningful presence in real estate, banking, telecommunications, and renewable energy. It likewise has a growing presence in healthcare, logistics, mobility, fintech as well as investments in industrial technologies, education, and technology ventures. Ayala manages its corporate social responsibility initiatives through Ayala Foundation.
About MUFG
MUFG Bank, Ltd. is Japan's premier bank, with a global network spanning around 40 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. MUFG Bank's parent, Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit www.mufg.jp/english.
About Globe
Globe Telecom, Inc. is a leading digital platform in the Philippines, with major interests in telecommunications, financial technology, digital marketing solutions, venture capital funding for startups, and virtual healthcare. The company serves the telecommunications and technology needs of consumers and businesses across an entire suite of products and services including mobile, fixed, broadband, data connectivity, internet and managed services. In 2019, Globe became a signatory to the United Nations Global Compact, committing to implement universal sustainability principles. Its principals are Ayala Corporation and Singtel, acknowledged industry leaders in the country and in the region. It is listed on the Philippine Stock Exchange under the ticker symbol GLO and had a market capitalization of US$5.2 billion as of the end of June 2024. For more information, visit www.globe.com.ph. Follow @enjoyglobe on Facebook, Twitter, Instagram and YouTube
About Mynt
Mynt is the first and only $5 billion unicorn in the Philippines. It's a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology. Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the #1 Finance App in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.
About GCash
GCash is the Philippines’ #1 Finance App and Largest Cashless Ecosystem. Through the GCash App, users can easily purchase prepaid airtime; pay bills via partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 6 million partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash’s mobile wallet operations are handled by G-Xchange, Inc. (GXI), a wholly-owned subsidiary of Mynt, the first and only duacorn in the Philippines.
Mynt and GCash are staunch supporters of the United Nations Sustainable Development Goals (SDGs), particularly UN SDGs 5,8,10, and 13, which focus on safety & security, financial inclusion, diversity, equity, and inclusion as well as taking urgent action to combat climate change and its impacts, respectively.
For more information, please contact:
Bruce Rodriguez, Head of Business Communications
Corporate Communications
Legal Disclaimer & Safe Harbor Statement
This press release is for informational purposes only and does not constitute, or form part of, any offer, solicitation, or invitation to sell, issue, purchase, or subscribe for any securities in the Philippines, the United States, or any other jurisdiction. No securities of Mynt, Inc. have been or will be registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There will be no public offering of the securities of the Company in the United States. No money, securities or other consideration is being solicited by this document or the information contained herein and, if sent in response to this document or the information contained herein, will not be accepted. Any potential initial public offering and listing in the Philippines, if pursued, remain fully subject to prevailing market conditions and regulatory approvals, including the registration requirements of the Philippine Securities and Exchange Commission and the listing rules of the Philippine Stock Exchange, Inc., and there can be no assurance that any such filings will be made or that any offering or listing will be consummated. This document contains forward-looking statements that involve inherent risks and uncertainties; actual results, timelines, and outcomes may differ materially from those projected due to shifting market dynamics, economic environments, and regulatory updates.
