Mobile Finance

Mynt secures more funds from Ayala, MUFG

Mynt secures more funds from Ayala, MUFG

Globe Telecoms’ fintech unit Mynt (Globe Fintech Innovations) gained fresh investments from Ayala Corp and Mitsubishi UFJ Financial Group (MUFG), a move that will boost the valuation of Mynt to US$5 billion, claimed Globe.

In a statement, Globe said the valuation is more than double of its original price tag of US$2 billion which came from its last round of funding in 2021. Ayala and MUFG through its subsidiary MUFG Bank, will increase their respective stakes in Mynt by an additional 8% each.

MUFG said in a separate statement it will invest US$393 million in Mynt for its stake. The Japanese bank is making its first investment into Mynt.

Mynt owns and operates the mobile finance app GCash in the Philippines. The company recorded net income of PHP6.7 billion (US$115 million) in 2023. It is a joint-venture company between Globe Telecom, Alibaba’s Ant Group and Ayala.



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