Philippines-based mobile payment and credit service Mynt has achieved a valuation of $5 billion following significant investments from Japan’s MUFG and local investor Ayala, each contributing $393 million to the GCash wallet operator.
MUFG has secured an eight percent stake in Mynt, while Ayala’s investment raises its ownership from five percent to 13%. This latest round of funding has more than doubled Mynt’s valuation since its previous funding round in 2021.
As a subsidiary of Globe Telecom, Mynt boasts over 90 million users on its GCash super-app. This platform enables users to purchase prepaid airtime; pay bills; send and receive money throughout the Philippines; shop from millions of merchants and social sellers; and access savings, credit, insurance, and investment opportunities.
Globe Telecom CEO Ernest Cu has indicated that GCash could go public in the Philippines in 2025.
MUFG has been actively investing in fintech companies across the Asia Pacific region, focusing on platforms that cater to underbanked populations. Recent investments include the Thai super-app Ascend Money, Singapore’s Grab, and Indonesia’s Akulaku.
Yasushi Itagaki, head of the global commercial banking business group at MUFG, expressed enthusiasm about joining Mynt as a strategic investor, stating, “GCash is an indispensable infrastructure for the everyday life of Filipinos. With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”