Mynt, a Philippines-based digital financial solutions provider and the company behind the popular GCash payment services app, has raised over USD300 million in funding, valuing the business at over USD2 billion.
Mynt, a Philippines-based digital financial solutions provider and the company behind the popular GCash payment services app, has raised over USD300 million in funding, valuing the business at over USD2 billion.
This solidifies its status as the Philippines’ only unicorn, and as one of the leading fintech companies in Southeast Asia.
The investment round was led by global investment giant Warburg Pincus, New York-based global private equity and 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.
Since the onset of community quarantines as response to Covid-19, Mynt has been at the forefront of digital transformation of Filipinos as the “go-to” payment and financial services solution to over 48 million users, nearly half of the national population. With the continued relevance of the app among its users, Mynt is on track to reach PHP3 trillion of gross transaction value, 3x times more than last year’s record number. The company has also recorded peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively. With the entry of Mynt’s new international investors, the company is joining an eminent league of world-class companies that are redefining the global technology and innovation landscape.
“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,” says Martha Sazon, president and CEO of Mynt. “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.”
As Mynt continues to scale, the company witnessed an unprecedented increase in its number of merchants and social sellers, now at 3 million. Additionally, it has achieved scale while improving its unit economics, delivering positive EBITDA and net income in mid-2021. With the addition of highly experienced global investors in Warburg Pincus and Insight Partners, Mynt is well-positioned to further expand its digital financial services offerings and support the Philippine’s financial inclusion agenda.
“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. Together with the continued support of Mynt’s existing shareholders, we are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector,” said Ernest Cu, chairman of the board of Mynt and president and CEO of Globe.
Saurabh Agarwal, managing director of Warburg Pincus, says: “The investment into Mynt marks our continued commitment and strong belief in the long-term prospects of the Philippines as one of the fastest growing digital economies in the region. Mynt has a dominant market position in the Philippines and is well-positioned with its best-in-class management team, innovative technology, and superior product offerings. We are excited about the partnership with the company and look forward to leveraging our deep expertise in the fintech sector to support their long-term growth.”
“We believe that GCash has created the most compelling product to reach the massively underserved market in the Philippines,” says Deven Parekh, managing director at Insight Partners. “Our investment in Mynt fits within our global thesis of increasing financial inclusion using digital tools. We look forward to partnering with Mynt as they continue to grow on their scale-up journey.”
