GCash boosts valuation to $5B with new funding from Ayala, MUFG

INQUIRER FILE PHOTO

Popular e-wallet brand GCash more than doubled its valuation to $5 billion with fresh funding from Ayala Corp. and Japanese bank Mitsubishi UFJ Financial Group (MUFG).

On Friday, Globe Telecom Inc. announced the Ayala group’s AC Ventures Holdings Inc. is acquiring an additional 8 percent in GCash parent company Mynt for P22.9 billion, increasing its ownership to 13 percent.

READ: GCash services to be available in 10 more countries

MUFG is also buying an 8-percent stake in the company.

“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,” Mynt president and CEO Martha Sazon said.

The transaction is yet to be finalized.