Mynt Secures US$300 Million in Funding, Doubling Its Valuation to US$2 Billionby Fintech News Philippines November 2, 2021
Mynt, the holding company of Globe’s fintech arm managing the GCash e-wallet, has raised over US$300 million in funding, valuing the company at over US$2 billion.
The company was the only Philippines startup that made it onto Credit Suisse’s list of 35 unicorns in Southeast Asia.
The investment round was led by global investment giant Warburg Pincus, New York-based venture capital firm Insight Partners, and Bow Wave Capital, one of Mynt’s existing investors.
The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.
With the news funds, Mynt will be expanding its digital financial services offerings to support the country’s financial inclusion agenda.
Mynt said that it is currently on track to reach PHP3 trillion of gross transaction value, 3x times more than last year’s figure.
The company added that it also recorded peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively.
“This is further proof that our growth and achievements have not gone unnoticed. We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile.
We are excited about our new partnership with Warburg, Insight, Itai Tsiddon and Amplo, as they each bring strategic value to our team in the pursuit of our vision towards finance for all.”
said Martha Sazon, President and CEO of Mynt.
“We welcome Warburg Pincus, Insight Partners, and the other investors into Mynt.
Their investment in Mynt and GCash further validates the strides the company has made in providing access to innovative financial services to more Filipinos and highlighting the Philippines to the global investor audience.”
said Ernest Cu, Chairman of the Board of Mynt and President and CEO of Globe.