GCash has got the cash! Philippine e-wallet giant GCash’s parent company, Mynt just got an investment from Mitsubishi.

• They were last valued at about $5B in August in a funding round that included Mitsubishi UFJ Financial.
• They have 94M registered users.

The details. Mitsubishi is investing 18.4B PHP (~$319M).

• Ayala Corporation who owns 100% of AC Ventures Holding Corp (ACV) will sell 50% of ACV to Mitsubishi.
• ACV owns ~13% of Mynt.

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💭 Who’s Mynt?

They have two fintechs under them. One is GCash (G-Xchange Inc.) and one is Fuse Lending, a tech-powered micro-lender.

GCash is pushing for digital services for all, and it has helped change a country. Affordable, accessible, and easy-to-understand is the name of the game.

• Pay for everything from utility bills, toll fees, meals, school fees, bank transfers and more.
• You can send and receive money, borrow, save, invest, and even buy insurance in-app.

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💥 What’s next?

There has been lot of talk about an IPO, but they say their focus right now is to grow the business. Oh, and the transaction is subject to conditions including regulatory approvals!