The Philippines-based conglomerate Ayala Corporation has acquired additional 8 percent stake in Globe Fintech Innovations, Inc. (Mynt), the parent company of the finance super app and digital cashless ecosystem GCash in the Philippines, for PHP 22.9 billion ($394.54 million).

Ayala said in a statement on Thursday that the firm through its wholly-owned subsidiary AC Ventures Holding Corp. (ACV), will be increasing its ownership stake in Mynt.

According to the statement, ACV signed a definitive agreement to acquire common shares from existing shareholders equivalent to an additional 8 percent ownership stake in Mynt.

This transaction values Mynt at approximately PHP 286.4 billion ($4.93 billion) and increases Ayala’s ownership in Mynt to about 13 percent.

It is noted that Ayala’s proposed increased investment in Mynt is part of its initiative to reallocate capital to clear business winners.

The increased stake in Mynt allows Ayala to benefit from GCash’s strong long-term growth potential, said the statement.

It is also noted that the GCash platform, already dominant in the Philippines, has significant upside from untapped market opportunities.

Mynt recorded net income of PHP 6.7 billion ($115.39 millon) in 2023, thrice of what it was the previous year.

“We like the long-term growth prospects of Mynt. It is a clear leader in a fast growing space and a key contributor to the Philippines’ economic growth,

“Mynt enables underserved Filipino consumer and business segments to thrive, ” said Cezar Consing, President and Chief Executive Officer of Ayala Corporation.

Ayala is one of the largest conglomerates in the Philippines.

The firm has established presence in real estate, banking, telecommunications, and renewable energy.

It has a growing presence in healthcare, logistics, mobility, fintech as well as investments in industrial technologies, education, and technology ventures.

Mynt is a $5 billion unicorn in the Philippines.

The firm is a leader in mobile financial services focused on accelerating financial inclusion through mobile money, financial services, and technology.

Mynt operates two fintech companies: GXI, the mobile wallet operator of GCash — the finance super app in the Philippines, and Fuse Lending, a tech-based lending company that gives Filipinos access to microloans and business loans.

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