Philippines' Fintech GCash eyes IPO following new investment boost to $5 billion valuation

GCash, the leading mobile payments provider in the Philippines, aims to go public after a recent investment round increased its valuation to $5 billion. Globe Fintech Innovations Inc. (Mynt), GCash's parent company, anticipates significant investor interest in the IPO, contingent on market conditions. The valuation surge follows Mitsubishi UFJ Financial Group Inc.'s $393 million investment for an 8% stake, with Ayala Corp. also increasing its share to 13%.

Mynt CEO Martha Sazon highlighted GCash's expanding payments and lending business. Mynt may consider a Philippines IPO next year while keeping options open for overseas listings.

Source: Bloomberg