Mobile payment and credit platform Mynt, based in the Philippines, has achieved a remarkable valuation of $5 billion following substantial investments from Japan’s MUFG and local entity Ayala, each contributing $393 million.
MUFG has secured an eight percent stake in Mynt, while Ayala has increased its investment from five percent to 13%. These financial injections have significantly boosted Mynt’s valuation, more than doubling it since its previous funding round in 2021.
As a subsidiary of Globe Telecom, Mynt has successfully drawn over 90 million users to its GCash super-app. This versatile platform allows users to buy prepaid airtime, settle bills, transfer money across the Philippines, shop with millions of merchants and social sellers, and access various financial services, including savings, credit, insurance, and investments.
Globe Telecom’s CEO, Ernest Cu, has hinted that GCash may consider a public listing in the Philippines around 2025.
MUFG has recently ramped up its investments in fintechs across the Asia Pacific region, particularly those catering to the underbanked. Their portfolio includes holdings in Thailand’s Ascend Money, Singapore’s Grab, and Indonesia’s Akulaku.
Yasushi Itagaki, who leads MUFG’s global commercial banking business group, remarked, “GCash is a vital part of daily life for Filipinos, and we are thrilled to become a strategic investor in Mynt, supporting the company’s growth. Our investment reflects our commitment to fostering the ongoing development of the Philippines’ digital economy and promoting financial inclusion.”