GCash doubles worth to $5-B as Ayala Corp ups stake, MUFG invests | ABS-CBN
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GCash doubles worth to $5-B as Ayala Corp ups stake, MUFG invests
GCash doubles worth to $5-B as Ayala Corp ups stake, MUFG invests
ABS-CBN News
Published Aug 02, 2024 12:19 PM PHT
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Updated Aug 02, 2024 05:14 PM PHT
MANILA (UPDATE) — GCash's valuation doubled to $5 billion as Ayala Corp raised its stake in the fintech leader and Mitsubishi UFJ Financial Group invested in the company.
MANILA (UPDATE) — GCash's valuation doubled to $5 billion as Ayala Corp raised its stake in the fintech leader and Mitsubishi UFJ Financial Group invested in the company.
Globe Fintech Innovations, Inc. (“Mynt”), the parent company of GCash the latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021.
Globe Fintech Innovations, Inc. (“Mynt”), the parent company of GCash the latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021.
“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,” said Martha Sazon, President and CEO of Mynt.
“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,” said Martha Sazon, President and CEO of Mynt.
Ayala said its subsidiary AC Ventures Holding Corp. signed a definitive agreement to buy common shares from existing shareholders equivalent to an additional 8 percent ownership stake in Mynt for approximately P22.9 billion.
Ayala said its subsidiary AC Ventures Holding Corp. signed a definitive agreement to buy common shares from existing shareholders equivalent to an additional 8 percent ownership stake in Mynt for approximately P22.9 billion.
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This increases Ayala’s ownership in Mynt to 13 percent.
This increases Ayala’s ownership in Mynt to 13 percent.
MUFG, meanwhile will acquire an 8 percent stake after entering into binding agreements to invest in Mynt, through its subsidiary, MUFG Bank, Ltd, Mynt said.
Ayala said the move is part of its push to “to reallocate capital to clear business winners.”
Ayala said the move is part of its push to “to reallocate capital to clear business winners.”
"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,” said Cezar Consing, President & CEO of Ayala Corporation.
"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,” said Cezar Consing, President & CEO of Ayala Corporation.
“Mynt enables underserved Filipino consumer and business segments to thrive,” he added.
“Mynt enables underserved Filipino consumer and business segments to thrive,” he added.
Mynt’s net income reached P6.7 billion in 2023, thrice what it made the year before, Ayala noted.
Mynt’s net income reached P6.7 billion in 2023, thrice what it made the year before, Ayala noted.
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GCash, which started out as an e-wallet platform, now allows users to save, invest their money, trade stocks, buy insurance, and even buy crypto.
GCash, which started out as an e-wallet platform, now allows users to save, invest their money, trade stocks, buy insurance, and even buy crypto.
In May, Globe Telecom clarified that the much-anticipated initial public offering of GCash will still depend on favorable market conditions.
In May, Globe Telecom clarified that the much-anticipated initial public offering of GCash will still depend on favorable market conditions.
The Ayala-led telco issued the clarification after Globe President and CEO Ernest Cu was quoted in a report saying the company may hold GCash’s IPO next year.
The Ayala-led telco issued the clarification after Globe President and CEO Ernest Cu was quoted in a report saying the company may hold GCash’s IPO next year.
RELATED STORY:
In May, Globe Telecom clarified that the much-anticipated initial public offering of GCash will still depend on favorable market conditions.
In May, Globe Telecom clarified that the much-anticipated initial public offering of GCash will still depend on favorable market conditions.
The Ayala-led telco issued the clarification after Globe President and CEO Ernest Cu was quoted in a report saying the company may hold GCash’s IPO next year.
The Ayala-led telco issued the clarification after Globe President and CEO Ernest Cu was quoted in a report saying the company may hold GCash’s IPO next year.
RELATED STORY:
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