MANILA — Ayala Corp and Mitsubishi Corp have signed a deal that will raise the Japanese firm's stake in fintech giant GCash.

In a disclosure to the stock exchange, Ayala said it has signed an investment agreement wherein Mitsubishi will subscribe to 18 million common and redeemable preferred shares of AC Ventures Holding Corp (ACV), which holds a stake in GCash. The value of the deal is at least P18.4 billion.

"After the transactions, AC [Ayala Corp] and MC [Mitsubishi Corp] shall each own a 50 percent ownership stake in ACV," Ayala Corp said.

ACV holds a 13 percent stake in Mynt, the holding firm for G-Xchange Inc which operates GCash. This means Mitsubishi will end up with a 6.5 percent stake in the Philippine fintech giant.  

"MC’s investment will only be completed after satisfaction of conditions precedent (including the approval by the Securities and Exchange Commission of the amendment of the articles of incorporation of ACV and the approval or deemed approval of the Philippine Competition Commission)," Ayala Corp said.

GCash saw its valuation double to $5 billion last year after fresh investments from Ayala and Mitsubishi UFJ Financial Group.

Globe Telecom, which owns a 36 percent stake in Mynt, has said that it is still keen on holding an initial public offering for GCash in the Philippines but wants to offer a smaller part of the fintech's shares on the market than the 20 percent originally mandated by the Philippine Stock Exchange. The PSE meanwhile has since reduced its required float to 15 percent.

The Ayala-led telco giant said its share in Mynt's equity earnings reached a record P3.8 billion in 2024, which was 59 percent higher than the P2.4 billion booked in 2023.

GCash started out as an e-wallet platform, but has since become a local "super app" allowing users to save, invest their money, trade stocks, buy insurance, and even buy crypto.