GCash: Becoming the Philippines’ Leading Financial Super App
Global Fintech Innovations (Mynt), the parent company of the leading financial super app in the Philippines, has secured fresh investment from Ayala and Mitsubishi UFJ Financial (MUFG) Group.
This fresh investment comes from GCash’s success and rise to become the number one financial super app in the Philippines.
Following its latest investment, Mynt is now worth an impressive US$5bn, more than doubling its US$2bn valuation from the last funding round in 2021. As of 2023, Mynt recorded PHP6.7bn in net income.
In addition to the funding, Ayala has pledged to increase its investment in Mynt by acquiring an additional 8% stake in the company.
At the same time, MUFG, through its consolidated subsidiary, MUFG Bank, Ltd will acquire an 8% stake after entering into binding agreements to invest in Mynt.
GCash: Becoming the leading financial super app in the Philippines
New funding in GCash comes as it has grown to become the Philippines’ leading financial super app.
Martha Sazon, President and CEO of Mynt, says: “We are thrilled to welcome MUFG as a new strategic partner.
“With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved.
“Alongside this, Ayala’s unmatched commitment to Philippine economic growth & development, and its expertise in multiple industries will accelerate GCash’s mission.”
Cezar Consing, President and CEO of Ayala Corporation, adds: "We like the long-term growth prospects of Mynt. It is a clear leader in a fast-growing space and a key contributor to the Philippines’ economic growth.
“Mynt is valuable because it enables underserved Filipino consumer & business segments to thrive."
Indeed, most of Mynt’s impressive growth – via GCash – has come over the past four years. It has been fuelled by innovations and a keen focus on improving customer experience.
Mynt: Championing financial inclusion
Mynt says its latest investment will not only go some way to securing GCash’s position as the Philippines’ leading financial super app but will help it make great strides to spark great strides for the Philippines’ economy.
By championing mobile financial services, GCash has become a champion of financial inclusion in the Philippines economy. Mynt - GCash’s parent – also operates GXI, the mobile wallet operator that supplies GCash.
Today, GCash is the largest digital cashless ecosystem in the Philippines and looks only set to secure further growth with additional investment.
Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG, concludes: “GCash is an indispensable infrastructure for the everyday life of Filipinos and we are delighted to join Mynt as a strategic investor to support the growth of the company.
“With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion.”
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