MUFG invests $393m in PH superapp GCash’s parent company

Globe Fintech Innovations operates GCash and Fuse Lending.

Mitsubishi UFJ Financial Group (MUFG) and its subsidiary MUFG Bank will jointly invest $393m in Globe Fintech Innovations, a finance superapp in the Philippines.

Globe Fintech Innovations (Mynt) is the first unicorn in the Philippines. It is the operator of Gcash, a finance super app and digital cashless ecosystem in the Philippines. GCash is used by approximately 8 in 10 Filipinos, according to MUFG. 

Mynt also operates Fuse Lending, a tech-based lending company offering microloans and business loans.

In a press release announcing the investment, MUFG said that it seeks to serve a broader customer base and contribute to financial inclusion.

The Japanese megabank has been investing in a plethora of digital start-ups over the past four years. MUFG invested in Grab in 2020, in Home Credit and Akulaku in 2022, in DMI Finance in 2023, and Ascend Money just in June 2024. 

“Following its investment into Ascend Money in Thailand in June, MUFG will further strengthen its platform in Asia through this strategic investment in Mynt and expand MUFG’s franchise value over the medium to long term,” MUFG said in a press release.