Philippines-based fintech Mynt sees valuation top $5bn with MUFG and Ayala funding
Philippines-based fintech Mynt (Globe Fintech Innovations) has seen its valuation rise to $5 billion after securing a $393 million investment from MUFG Bank, the subsidiary of Japanese financial services titan Mitsubishi UFJ Financial Group, and another $393 million investment from Ayala Corporation, one of the largest conglomerates in the Philippines.
Mynt secures funding from MUFG and Ayala
Founded in 2015, Mynt operates two prominent fintech firms: Fuse Lending, which offers Filipinos access to business loans and microloans, and GXI, the mobile wallet operator of GCash, touted as the leading e-wallet app in the Philippines. The company previously secured a $300 million funding round in 2021.
MUFG explains that it invested in Mynt in a push to “further capture the Asia-Pacific region’s growth”.
This strategic move by the Japanese banking group comes shortly after it led a $195 million investment round in Ascend Money, the fintech arm of Thailand’s Charoen Pokphand Group, in June.
According to a report by Bloomberg, MUFG’s investment will land the group an 8% stake in the company. Meanwhile, Ayala Corporation, a previous backer of Mynt, will also acquire an additional 8% interest, raising its total stake to around 13%.
Ayala says its increased investment in Mynt will enable it to “benefit from GCash’s strong long-term growth potential”.
In addition, MUFG has announced that Mynt will join the MUFG Openly-connected Digital Ecosystem (MODE) as a “new core member”. This initiative aims to create a digital ecosystem for knowledge-sharing and “value-increasing activities” among MUFG’s portfolio companies.
