GCash Doubles Its Worth to $5B After Securing New Investments

Mynt, the parent company of GCash, has more than doubled its valuation to $5 billion after Ayala Corporation increased its ownership stake in one of the most popular e-wallet brands in the Philippines.

Ayala, through its wholly-owned subsidiary AC Ventures Holding Corporation, acquired an additional eight-percent stake in Mynt for P22.9 billion as a “part of its initiative to reallocate capital to clear business winners.” This now brings the conglomerate’s share in the company to 13 percent.

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Mynt is among the leaders in local mobile financial services. It operates two fintech companies: GXI, the operator of the finance super-app GCash, and Fuse Lending, a tech-based lending company offering microloans and business loans.

In 2023, Mynt recorded a net income of P6.7 billion, three times higher than the previous year. The new investment enables the company to raise its value from $2 billion in the last funding round in 2021—making the company behind GCash the first and only $5 billion unicorn in the Philippines.

“We like the long-term growth prospects of Mynt,” Cezar Consing, president & CEO of Ayala Corporation, said. “It is a clear leader in a [fast-growing] space and a key contributor to the Philippines’ economic growth.”

Mitsubishi UFJ Financial Group (MUFG)—through its subsidiary, MUFG Bank—is likewise set to invest $393 billion in Mynt for an eight-percent stake. MUFG is Japan's largest banking group, which has supported other technology companies and startups in the Asia-Pacific region, including Grab.

Even before this development, the Ayalas already own a major stake in GCash through telecommunications giant Globe, which has a 36-percent ownership in the fintech unicorn. Ayala is Globe’s principal stakeholder, with Jaime Augusto Zobel de Ayala as its board chairman.

Ayala Corporation is one of the oldest and biggest conglomerates in the Philippines. Owned by the Zobel family, it has established a presence in various industries, namely real estate, banking, telecommunications, and renewable energy. Other segments under its portfolio are healthcare, logistics, and mobility, as well as investments in industrial technologies, education, and technology ventures.