Philippine conglomerate to raise stake in Mynt to 13%; Japan’s financial giant will acquire 8% stake
GLOBE Fintech Innovations, otherwise known as Mynt, has secured new investments that have pushed its valuation to US$5 billion, more than double its US$2 billion valuation in its last funding round in 2021.
In a bourse filing on Friday (Aug 2), Singtel announced that Philippine conglomerate Ayala and Mitsubishi UFJ Financial Group (MUFG) have agreed to invest in Mynt – the parent company of digital cashless ecosystem GCash.
Mynt is a joint venture between Ayala, Ant Group and communications company Globe Telecom. As at 2023, Mynt had recorded a net income of 6.7 billion Phillipine pesos (S$153.6 million).
Globe Telecom owns about 35.5 per cent of Mynt, and Singtel has a 22.3 per cent stake in Globe Telecom, and is considered a major shareholder of the company.
Ayala will acquire an additional 8 per cent stake in Mynt for about 22.9 billion pesos. This will bring the conglomerate’s ownership in Mynt to about 13 per cent, its website showed.
MUFG will also acquire an 8 per cent stake in the mobile payment leader for US$393 million.
Mynt president and chief executive officer Martha Sazon said that MUFG will be instrumental in expanding GCash’s social impact, especially to the underserved.
Shares of Singtel were trading 0.7 per cent or S$0.02 lower at S$2.93, as at 2.35 pm on Friday, after the announcement.
