Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash and a subsidiary of Globe Telecom (PSE:GLO), has officially finalized the transaction for Mitsubishi UFJ Financial Group’s (MUFG) acquisition of an 8% stake, a deal initially announced in August 2024. This marks the completion of MUFG’s investment in Mynt, further solidifying its strategic position in the Philippine fintech market.
With this transaction, Mynt’s valuation has surged to $5 billion, more than doubling its $2 billion valuation from its last funding round. MUFG’s investment of $393 million underscores its confidence in the growth potential of Mynt and GCash, which remains the leading finance super app in the Philippines.
The completion of MUFG’s stake acquisition follows Ayala Corporation (PSE:AC) AC Ventures Holdings, Inc. securing an additional 8% ownership in Mynt for approximately P22.9 billion. This move increased Ayala’s total stake to 13%, reflecting its continued commitment to expanding its presence in the digital finance sector.
These strategic investments reinforce Mynt’s market leadership as it continues to expand its services beyond e-wallet functions, offering financial products such as savings, investments, insurance, and even cryptocurrency trading.
IPO Prospects and Expansion
The latest funding rounds come as Globe Telecom and its partners remain open to an initial public offering (IPO) for Mynt. While there is no confirmed timeline, the company has previously indicated its intent to go public, albeit with a preference for a smaller share float than required by the Philippine Stock Exchange.
Beyond its domestic success, GCash has been expanding internationally through cross-border payment partnerships. In January, GCash announced its integration with Japan’s PayPay, enabling users to transact in over 3 million stores across Japan. GCash is also accepted in various international markets, including South Korea, Singapore, Malaysia, Hong Kong, Macau, Qatar, the UAE, the US, and several European countries.
Mynt’s financial growth continues to accelerate, with its equity earnings contribution to Globe reaching P3.8 billion in 2024, a 59% increase from the previous year. Despite the rising competition in the fintech sector, Mynt remains at the forefront of digital finance innovation in the Philippines.
With the successful completion of this transaction, Mynt is well-positioned to leverage its strengthened capital base for further growth and expansion, both locally and internationally.