Globe Fintech Innovations Inc. (Mynt), the parent company of mobile wallet GCash, said it is in no rush to pursue an initial public offering (IPO) after securing a $786-million investment from Japan’s Mitsubishi UFJ Financial Group (MUFG), providing ample financial resources to fuel its growth.
Martha Sazon, president and chief executive of Mynt, told reporters in a virtual briefing that the new round of investments further strengthens GCash’s ability and position for an IPO.
The investment of Ayala and MUFG of Japan brought the valuation of GCash to $5 billion, more than doubling its previous valuation of $2 billion in 2021.
This solidifies Mynt’s position as a leading fintech player in the Philippines and signals its ambitious plans for future growth and innovation. Ayala, through its subsidiary AC Ventures Holdings Inc., will expand its ownership in Mynt by 8 percent to 13 percent, while MUFG Bank Ltd. will acquire an equal stake of 8 percent.
