Mynt's Valuation Rockets to $5 Billion

Mynt, the parent company of the Philippines’ leading finance app GCash, has reached a $5 billion valuation, doubling its worth since 2021. This milestone comes after securing significant investments from Ayala Corp and Japan’s Mitsubishi UFJ Financial Group (MUFG).

• Investment Surge: Ayala Corp has increased its stake in Mynt from 5% to 13% with an investment of PHP 22.9 billion ($393 million). This makes Ayala one of the major shareholders in Mynt.

• MUFG's Contribution: Japan’s MUFG is investing $393 million to acquire an 8% stake in Mynt. MUFG has a history of supporting prominent tech startups across Asia, including Grab and Akulaku.

• Ownership Breakdown: Mynt is a collaboration between Alibaba's Ant Group, Ayala Corp, and Globe Telecom. Globe Telecom holds about 35% of Mynt, while Ant Group has a 34% stake.

• IPO Potential: Globe Telecom’s CEO, Ernest Cu, hinted that GCash, Mynt's flagship product, might go public in the Philippines in 2025. Cu, who also chairs Mynt, sees promising growth for the company.

• Financial Inclusion: The new investments are expected to enhance Mynt’s efforts to provide financial services to underserved Filipinos, potentially boosting economic growth.

Mynt's recent valuation boost underscores the growing confidence in the Philippine fintech sector and its potential for significant future growth.