Jack Ma Scores Win After Fintech Mynt Hits $5 Billion Valuation
- Ant Group will hold a Mynt stake worth at least $1.2 billion
- The Zobel de Ayala family’s conglomerate owns 13% of Mynt
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Billionaire Jack Ma and one of the richest clans in the Philippines both notched wins as the company running the most popular e-wallet service in the archipelago raised new funds at a $5 billion valuation.
The service, called GCash, has more than 90 million users, or about three quarters of the Philippine population. It’s operated by Mynt, a fintech based in Manila that started in 2015. Mynt’s founding partners are the Ma-backed Ant Group, an affiliate of Alibaba Group Holding Ltd., and two Filipino companies that both trace back to the Zobel de Ayala family, one of the country’s most powerful forces in business.