- Philippine e-wallet Mynt doubles valuation to $5 billion.
- Ayala Corp and MUFG each invest $393 million.
- GCash IPO potentially slated for 2025.
Cash me if you can
Mynt, the company behind Philippines’ popular e-wallet GCash, has more than doubled its valuation to a staggering $5 billion.
This impressive leap follows substantial investments from Ayala Corp and Japan’s Mitsubishi UFJ Financial Group (MUFG), each injecting $393 million for an 8% stake.
Digital peso power play
The Philippines is emerging as a fintech hotspot in Southeast Asia, fueled by high mobile phone and internet penetration.
Mynt’s success story reflects this trend, breaking even in late 2021 and now expected to contribute significantly to Globe Telecom’s 2024 earnings. Analysts predict Mynt’s earnings could approach $200 million next year.
Globe Telecom CEO Ernest Cu, who also chairs Mynt, has hinted at a potential GCash IPO in 2025.
This move could further solidify Mynt’s position in the competitive Philippine fintech landscape, where it currently faces off against the country’s only other unicorn, Voyager.
