MUFG to Invest $393 Million for 8% Stake in Philippine Mobile Payments Leader Mynt, Valued at $5 Billion

Aug 2, 2024, 02:25 AM

Japan's Mitsubishi UFJ Financial Group (MUFG) is set to invest $393 million in Globe Fintech Innovations, better known as Mynt, the leading mobile payments operator in the Philippines. This investment will give MUFG an 8% equity stake in Mynt's top fintech app, GCash. The deal values Mynt at $5 billion, significantly boosting its valuation. This move is part of MUFG's strategy to expand its presence in Asia's growing digital financial market. The funding round also saw participation from Ayala, a major Philippine conglomerate. InsiderPH reported that billionaire Jack Ma and one of the richest clans in the Philippines both notched wins as the company raised new funds.