As per the information provided by the Philippine-based group, Mitsubishi is set to acquire the stake by buying 50% of Ayala-owned AC Ventures, with the conglomerate owning a 13% stake in Mynt via the firm. Currently, Mynt, which is a joint venture of Alibaba, affiliate Ant Group, Ayala, and Globe Telecom, operates two fintech companies, including G-Xchange and Fuse Lending, a tech-based micro-lender.
Moreover, Mynt had no definite plans for an initial public offering, rather centring its efforts on scaling its business, including GCash, as detailed by officials. When commenting on the announcement, representatives from Ayala mentioned that the current move and Mitsubishi, could further support Mynt, enabling the company to provide more capabilities to its users.
Back in August 2024, Mynt announced that it received a valuation increase of USD 5 billion after new investments from Ayala Corp and Mitsubishi UFJ Financial Group. At that time, Ayala raised its stake in Mynt to 13% by acquiring an additional 8% for USD 393 million. In addition, MUFG, which is among Japan’s largest banking groups, committed USD 393 million to purchase an 8% stake in Mynt. The decision was based on the Philippines’ favourable conditions for growth in the digital financial services space, with high mobile phone and internet usage being among the defining factors.
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