Mitsubishi Buys Into Top Philippine Fintech for $319 Million (1)

Mitsubishi Corp. will pay 18.4 billion pesos ($319 million) to buy half of a Philippine company that owns a stake in the nation’s biggest fintech platform GCash.

The Japanese conglomerate will acquire 50% of Ayala Corp.’s AC Ventures Holdings Corp., which owns a 13% stake in Globe Fintech Innovations Inc., the company behind GCash, Ayala said in a stock exchange disclosure on Friday.

Mitsubishi’s move follows Mitsubishi UFJ Financial Group Inc.’s acquisition of an 8% stake in GCash in August, which pushed the valuation of the fintech platform that’s also owned by Globe Telecom Inc. and Ant ...