MANILA, Philippines — GCash is now officially valued at US$5 billion following investments from the Ayala Corp. and Mitsubishi UFJ Financial Group (MUFG), according to its president and chief executive officer (CEO) Martha Sazon on Friday.
The Tokyo-based MUFG is one of the world’s leading financial groups with over 2,100 locations across the world. Meanwhile, the Ayala Corp. has been a major player in the Philippine economy, generating a net income of P41 billion in 2023.
“I am thrilled to share that GCash has successfully secured strategic investments from both Ayala Corp. and Mitsubishi UFJ Financial Group– doubling our previous valuation and making GCash the first and only $5 billion unicorn in the Philippines!” Sazon said on Facebook.
“Ayala and MUFG both share GCash’s mission in boosting financial inclusion in the country. Through this investment, we will be able to expand access to financial services, and make financial health and wellness a reality for more Filipinos,” she added.
According to a statement from Globe Fintech Innovations Inc. (Mynt), the company’s previous valuation stood at $2 billion in its last funding round in 2021. The new deal more than doubled their worth.
The Ayala Corp., through its subsidiary AC Ventures Holdings Inc., acquired an additional 8% stake in Mynt.
“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 is valuable because it enables underserved Filipino consumer & business segments to thrive," Ayala Corp. President and CEO Cezar Consing said.
Meanwhile, the MUFG, through consolidated subsidiary MUFG Bank Ltd., also got an 8% stake.
“GCash is an indispensable infrastructure for everyday life of Filipinos and 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,” MUFG Senior Managing Corporate Executive Yasushi Itagaki said.
Gcash boasts of around 80 million users in the country. It was also dubbed as the "Best Mobile Wallet for 2024” by financial intelligence journal Pan Finance back in May.