The parent firm of the most popular financial app in the Philippines, Global Fintech Innovations (Mynt), has received new funding from Ayala and Mitsubishi UFJ Financial (MUFG) Group.

This new investment is a result of GCash's growth and success in becoming the Philippines' top financial super app.

With this most recent investment, Mynt has more than doubled its US$2 billion value from the company's last capital round in 2021 to an astounding US$5 billion. Mynt reported net profits of PHP6.7 billion as of 2023.

Apart from the money, Ayala has committed to augmenting its investment in Mynt by obtaining an extra 8% share in the enterprise.

Simultaneously, MUFG will invest in Mynt and, upon binding agreements, acquire an 8% interest through its consolidated subsidiary, MUFG Bank, Ltd.

GCash: Becoming the leading financial super app in the Philippines

As GCash has developed as the top financial mega app in the Philippines, it has received further investment.

"We are thrilled to welcome MUFG as a new strategic partner," says Martha Sazon, President and CEO of Mynt.

Their extensive worldwide experience and connections in the financial inclusion sector will be crucial in enhancing GCash's social effect, particularly for the impoverished.

"GCash's mission will be expedited in addition by Ayala's unparalleled dedication to the economic growth and development of the Philippines, as well as its multi-industry expertise."

Mynt: Championing financial inclusion

According to Mynt, its most recent investment would not only help GCash maintain its position as the top financial app in the Philippines but also enable it to make significant progress in igniting significant economic growth in the country.

GCash has emerged as a champion of financial inclusion in the Philippine economy by pushing mobile banking services. The company that owns GCash, Mynt, also runs GXI, the provider of mobile wallet services to GCash.

With further funding, GCash, now the biggest digital cashless ecosystem in the Philippines, is certain to secure even greater expansion.