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Manila Bulletin devider Business devider GCash operator now valued at $5 billion after Japan's MUFG sealed $400-million investment

GCash operator now valued at $5 billion after Japan's MUFG sealed $400-million investment

Published Feb 13, 2025 08:01 am

Japan’s Mitsubishi UFJ Financial Group (MUFG) has finalized a $400 million investment in the parent company of GCash, the Philippines’ leading e-wallet, raising its valuation to $5 billion.

In a disclosure to the Philippine Stock Exchange (PSE), Globe Telecom said that Globe Fintech Innovations Inc. (Mynt) has closed its transaction with MUFG as it acquired an eight percent stake in the Philippine-based company.

First announced in August 2024, the deal doubled Mynt’s valuation from $2 billion in its last funding round in 2021 to $5 billion.

The hike in valuation was likewise driven by fresh investments, such as Ayala’s expansion in its ownership stake in Mynt.

Also in August last year, Ayala Corp. through its wholly owned subsidiary AC Ventures Holdings, Inc. increased its investments in Mynt by acquiring common shares from existing shareholders for approximately ₱22.9 billion or ₱145.372 per share.

Equivalent to around eight percent stake, the deal elevated Ayala’s ownership in Mynt to 13 percent.

Later in October, Japanese conglomerate Mitsubishi Corp. spent $18.4 billion to acquire 6.5 percent of Ayala’s stakes.

These new investments in Mynt would allow these firms to benefit from GCash’s potential for long-term growth.

Based on reports, Mynt is expected to launch its initial public offering (IPO) with estimates of up to $1.5 billion, as early as the second half of the year.

This is shaping up to be the Philippines’ biggest listing ever, surpassing the record of $1 billion by food company Monde Nissin Corp.

Recently, Mynt Chairman Ernest Cu said he is hoping that PSE and the Securities and Exchange Commission (SECC) consider easing the public float requirement for GCash’s potential IPO.

Listed firms are mandated to maintain a public float of 20 percent of their outstanding shares.

Cu, also president and CEO of Globe Telecom Inc., said such a requirement is “quite rigid” given the market’s current standing.

Mynt was founded in 2015 as a financial technology startup between Globe, Ayala, and Ant Financial, an affiliate of Chinese conglomerate Alibaba Group.

Since then, Mynt has transformed digital banking in the Philippines, empowering Filipinos to be financially secure.

Related Tags

Mitsubishi UFJ Financial Group Inc. (MUFG) MYNT GCash
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