Mitsubishi Corporation Acquires 50% of Ayala’s Stake in Fintech Unicorn Mynt, Operator of GCash

October 18, 2024 – Manila, Philippines: Philippine conglomerate Ayala Corporation (AC.PS) has announced the sale of half its stake in the fintech unicorn Mynt to Japan’s Mitsubishi Corporation (8058.T). This strategic deal, valued at a minimum of 18.4 billion pesos (approximately $318.89 million), involves Mitsubishi acquiring 50% of Ayala-owned AC Ventures, which holds a 13% stake in Mynt.
Mynt, which operates the widely popular e-wallet GCash, is a joint venture between Alibaba-affiliated Ant Group (688688.SS), Ayala Corporation, and Globe Telecom (GLO.PS). In addition to GCash, Mynt manages Fuse Lending, a tech-driven micro-lending service, making it a key player in the digital payments and lending sector in the Philippines.
The transaction marks Mitsubishi’s continued investment in the Southeast Asian fintech landscape, following its participation in a funding round in August 2024 that valued Mynt at $5 billion. This round also included investments from Mitsubishi UFJ Financial (8306.T), further underscoring the company’s belief in the region’s fintech potential.
Ayala President and CEO Cezar Consing expressed confidence in the partnership, stating, “We believe Mitsubishi can add significant value to Mynt, enabling the company to deliver greater benefits to its 94 million registered users across the Philippines.”
Despite this major investment and expansion, Mynt’s President and CEO, Martha Sazon, recently emphasized that the company has no immediate plans for an initial public offering (IPO). Instead, Mynt remains focused on growing its core business units, including GCash, and expanding its offerings in digital financial services.
The Philippines continues to be one of Southeast Asia’s fastest-growing fintech markets, driven by rising incomes and the rapid adoption of digital services during the pandemic. Mynt’s strong position, bolstered by strategic partnerships and sustained investment, makes it well-equipped to capitalize on this growth and further expand its footprint in the digital finance ecosystem.
About Mynt:
Mynt is a leading fintech company in the Philippines, with operations spanning digital payments and financial services. It operates G-Xchange, the platform behind GCash, the country’s most widely used e-wallet, as well as Fuse Lending, a micro-lending solution that provides innovative credit products to consumers and businesses.