Mynt, the parent company of the Philippines’ biggest e-wallet super app GCash, has more than doubled its valuation to US$5 billion, following strategic investments from Mitsubishi UFJ Financial Group (MUFG) and Ayala Corporation, which is also a part owner of GCash.

Ayala, through its wholly owned unit AC Ventures Holdings, increased its stake in Mynt by an additional 8% while MUFG Bank bought into GCash through the acquisition of an 8% stake in Mynt after it entered into binding agreements to invest in the company.

“This latest deal pushed Mynt’s valuation to US$5 billion, more than doubling its US$2 billion valuation from the last funding round in 2021,” Mynt says‍, adding that as of 2023, Mynt has recorded some 6.7 billion pesos (US$116.71 million) in net income. 

“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,” says Mynt president and chief executive officer Martha Sazon.

“Alongside this, Ayala’s unmatched commitment to Philippine economic growth and development, and its expertise in multiple industries, will accelerate GCash’s mission.”

However, in a separate filing with the Philippine Stock Exchange, Ayala, while announcing its increased stake in Mynt, also disclosed that it is exploring the sale of part of its ownership of Mynt. 

The Philippine conglomerate also said it is "currently in discussions with a strategic investor which has expressed interest in acquiring a portion of its ownership stake in Mynt subject to completing due diligence and receiving its approvals”.

Over the past several months, GCash has been discussing an initial public offering, even acknowledging the possibility of a dual listing in the Philippines and the United States to take advantage of the liquidity in the US market. The company earlier said it hopes to list sometime in 2025.

Sazon has said the listing of the company hinges largely on the improvement of market conditions. 

With the new MUFG and Ayala investments, as well as the possible entry of another strategic investor, the impending listing of the Philippines’ biggest unicorn is something to watch out for even more closely.