International Finance Corp. plans to invest about P4.4 billion in GCash parent Mynt’s initial public offering, which was first reported by Manila Bulletin’s business section.
Mynt’s prospectus shows IFC has agreed to join as a cornerstone investor at a price no higher than P6.60 per share.
An early Maya backer
IFC’s Philippine fintech bet started with Voyager Innovations, the company behind Maya, in 2018.
It continued backing Voyager through later funding rounds as PayMaya expanded and eventually became Maya, which combines payments and wealth services with a digital banking license through Maya Bank.
GCash, backed by PLDT’s chief rival Globe Telecom, remains the country's top digital payments and e-wallet platform, but has been pushing deeper into lending, investments and wealth products, including access to local and global stocks.
Maya itself was mulling an initial public offering, its chair Manuel V. Pangilinan had said. More recently, Pangilinan said the planned listing will likely be likely be pushed back.
Now GCash
IFC is now doubling down on Philippine fintech, this time through GCash.
The institution plans to invest about $70 million, or P4.4 billion, in Mynt’s IPO, joining the offer as a cornerstone investor.
Mynt’s lastest prospectus says IFC agreed to participate at a price no higher than P6.60 per share.
For IFC, the GCash deal offers a simple answer to the fintech rivalry: why choose?
—Edited by Miguel R. Camus
