Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash, has successfully secured fresh strategic investments from Ayala Corporation and Mitsubishi UFJ Financial Group, Japan’s largest banking group.

This latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021.

As of 2023, Mynt recorded P6.7 billion of net income.

Through its wholly-owned subsidiary, AC Ventures Holdings, Inc., Ayala will increase its investments in Mynt by acquiring an additional 8 percent stake in the Company.

At the same time, MUFG, through its consolidated subsidiary, MUFG Bank, Ltd. will acquire an 8 percent stake after entering into binding agreements to invest in 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.

Yasushi Itagaki, Senior Managing Corporate Executive, Head of Global Commercial Banking Business Group at MUFG, said GCash is an “indispensable infrastructure for everyday life of Filipinos.”

“We are delighted to join Mynt as a strategic investor to support the growth of the company. With our investment, we are excited to expand our contribution to the ongoing development of the Philippines’ digital economy and financial inclusion,” he said.