Philippine conglomerate to raise stake in Mynt to 13% Japan&rsquo s financial giant will acquire 8% stake

 

GLOBE Fintech Innovations, otherwise known as Mynt, has secured new investments that have pushed its valuation to US$5 billion, more than double its US$2 billion valuation in its last funding round in 2021.

 

In a bourse filing on Friday (Aug 2), Singtel announced that Philippine conglomerate Ayala and Mitsubishi UFJ Financial Group (MUFG) have agreed to invest in Mynt &ndash the parent company of digital cashless ecosystem GCash.

 

Mynt is a joint venture between Ayala, Ant Group and communications company Globe Telecom. As at 2023, Mynt had recorded a net income of 6.7 billion Phillipine pesos (S$153.6 million).

 

Globe Telecom owns about 35.5 per cent of Mynt, and Singtel has a 22.3 per cent stake in Globe Telecom, and is considered a major shareholder of the company.

 

Ayala will acquire an additional 8 per cent stake in Mynt for about 22.9 billion pesos. This will bring the conglomerate&rsquo s ownership in Mynt to about 13 per cent, its website showed. 

 

MUFG will also acquire an 8 per cent stake in the mobile payment leader for US$393 million. 

 

Mynt president and chief executive officer Martha Sazon said that MUFG will be instrumental in expanding GCash&rsquo s social impact, especially to the underserved.