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Popular e-wallet brand GCash’s valuation more than doubled to $5 billion after it received a new round of funding from Ayala Corp. and Japan’s Mitsubishi UFJ Financial Group (MUFG).
Globe Telecom Inc. announced on Friday that Ayala Corp.’s AC Ventures Holdings Inc. will acquire an 8% stake in GCash parent Mynt for P22.9 billion, raising its stake to 13%.
read: GCash service to be launched in 10 more countries
Mitsubishi UFJ Financial Group (MUFG) also acquired an 8% stake in the company.
“We are pleased to welcome MUFG as a new strategic partner. With their global expertise and reach in the financial inclusion space, they will play an important role in further expanding GCash’s social impact, especially to underserved groups,” said Martha Sazon, President and CEO of Mynt.
The transaction has not yet been finalized.
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