According to Globe Fintech Innovations Inc. (Mynt), the company's previous valuation was $2 billion in its last funding round in 2021. This new investment has more than doubled their valuation.
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GLOGCash has been officially valued at US$5 billion following investments from Ayala Corp. and Mitsubishi UFJ Financial Group (MUFG), as announced by President and CEO Martha Sazon on Friday.
MUFG, a prominent financial group based in Tokyo with over 2,100 locations worldwide, and Ayala Corp., a significant player in the Philippine economy with a net income of P41 billion in 2023, have both invested in GCash.
“I am delighted to announce that GCash has secured strategic investments from Ayala Corp. and MUFG, doubling our previous valuation and establishing GCash as the first and only $5 billion unicorn in the Philippines!” Sazon shared on Facebook.
She added, “Ayala and MUFG share GCash’s mission of enhancing financial inclusion in the country. This investment will enable us to expand access to financial services and promote financial health and wellness for more Filipinos.”
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Image: GCash
According to Globe Fintech Innovations Inc. (Mynt), the company’s previous valuation was $2 billion in its last funding round in 2021. This new investment has more than doubled their valuation.
Ayala Corp., through its subsidiary AC Ventures Holdings Inc., acquired an additional 8% stake in Mynt. “We are optimistic about the long-term growth prospects of Mynt. It is a leader in a rapidly growing sector and a key contributor to the Philippines’ economic growth. Mynt is valuable because it empowers underserved Filipino consumer and business segments,” said Ayala Corp. President and CEO Cezar Consing.
Similarly, MUFG, through its subsidiary MUFG Bank Ltd., also acquired an 8% stake. MUFG Senior Managing Corporate Executive Yasushi Itagaki stated, “GCash is an essential infrastructure for the daily lives of Filipinos, and we are pleased to join Mynt as a strategic investor to support its growth. With our investment, we are excited to further contribute to the development of the Philippines’ digital economy and financial inclusion.”
GCash currently has around 80 million users in the Philippines and was named the “Best Mobile Wallet for 2024” by financial intelligence journal Pan Finance in May.
Source: GCash
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