For PHP 22.9 billion ($394.54 million), the conglomerate Ayala Corporation, located in the Philippines, has purchased an additional 8% share in Globe Fintech Innovations, Inc. (Mynt), the parent company of the digital cashless ecosystem and finance super app in the country, GCash.
Ayala announced in a statement, that it will be raising its ownership share in Mynt through its wholly-owned subsidiary, AC Ventures Holding Corp. (ACV).
As per the announcement, ACV has executed a final contract to purchase common shares from current shareholders, which corresponds to an extra 8 percent ownership portion in Mynt.
It is mentioned that Ayala’s plan to reallocate cash to indubitable winners in the economic world includes an expanded investment in Mynt.
Ayala now owns roughly 13% of Mynt after this deal, which values the company at about PHP 286.4 billion ($4.93 billion).
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According to the announcement, Ayala may now take advantage of GCash’s substantial long-term growth potential thanks to its enlarged investment in Mynt
It is also mentioned that there are a lot of unrealized market prospects for the GCash platform, which is now the industry leader in the Philippines. Mynt’s 2023 net income was PHP 6.7 billion ($115.39 million), triple that of the year before.
“We like the long-term growth prospects of Mynt. It is a clear leader in a fast growing space and a key contributor to the Philippines’ economic growth, Mynt enables underserved Filipino consumer and business segments to thrive, ” said Cezar Consing, President and Chief Executive Officer of Ayala Corporation.
One of the biggest corporations in the Philippines is Ayala. The company is well-established in the banking, telecom, renewable energy, and real estate sectors.
It is becoming more and more prevalent in the fields of healthcare, logistics, mobility, and fintech, in addition to investments in industrial innovations, venture capital, and education.
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A $5 billion unicorn in the Philippines is called Mynt. Leading the way in mobile financial services, the company uses technology, financial services, and mobile money to accelerate financial inclusion.
Mynt is the owner of two fintech businesses: Fuse Lending, a tech-based lending company that provides microloans and business loans to Filipinos, and GXI, the mobile wallet operator of GCash, the Philippines’ most popular finance app.
About Ayala
Ayala Corporation is the publicly traded holding company for the Ayala Group’s diverse activities. The Philippines’ oldest and largest conglomerate was founded by Domingo Róxas and Antonio de Ayala during Spanish colonial control.
About GCash
GCash is owned by Globe Fintech Innovations, Inc. and operated by its wholly-owned subsidiary, G-Xchange, Inc. First and only Philippine duacorn is Mynt. It leads mobile financial services to accelerate financial inclusion through mobile money, financial services, and technology.
