Mitsubishi acquires 50% of Ayala’s stake in Mynt for $320m
Ayala Corporation, one of the Philippines’ largest conglomerates, has reached an agreement to sell a 50% stake in AC Ventures Holding (ACV) to Mitsubishi Corporation for at least P18.4 billion (approximately $323 million).
Mitsubishi bags half of Ayala’s stake in Mynt
Once the transaction is completed, subject to regulatory approvals, Mitsubishi will obtain half of ACV’s 13% share of Globe Fintech Innovations (Mynt).
Mynt, founded in 2015, operates Fuse Lending, a provider of business and microloans, and GXI, which manages GCash.
GCash is widely considered the top e-wallet in the Philippines, with approximately 80% of citizens having tried the app and 90 million registered users.
In August, Mynt secured a $393 million investment from MUFG Bank, the subsidiary of Mitsubishi UFJ Financial Group, along with another $393 million from Ayala, raising its valuation to $5 billion.
In a company statement, Ayala claims that Mitsubishi can help Mynt “grow overseas” and within its own “Japan-based ecosystem, and in areas like cloud-based payments and new credit algorithms”.
Ayala and Mitsubishi initially formed a partnership in 1974, which has since included ventures in renewable energy projects, industrial estates, automotive dealerships, and water utilities.
Moving forward, Mitsubishi has indicated that the two companies will explore collaboration in sectors such as retail and healthcare.
