Filipino fintech developer Mynt pockets $ 300 million, valued at $ 2 billion

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Mynt has landed $ 300 million in new funding led by Warburg Pincus and New York-based global private equity and venture capital firm Insight Partners. This new investment brings Mynt’s valuation to $ 2 billion, making it the first fintech unicorn in the Philippines. Other investors participating in this round include Itai Tsiddon and Amplo Ventures, as well as existing backers Globe, Ayala and Bow Wave.

Mynt offers various financial services, covering credit, savings, insurance, loans and investments. The company also operates a mobile payment platform called GCash, which is a joint venture between Mynt, Globe Telecom, Ant Financial and Ayala Corp. As a leading payments company, Mynt serves 48 million users, nearly half of the population of the Philippines. The company is on track to reach PHP 3 trillion ($ 59 billion) in gross transaction value, a 300% increase from last year. It recorded a spike in daily app connections and daily active transactions of 19 million and 12 million, respectively.

GCash also has a savings account called GSave in partnership with CIMB Bank, allowing users to open an account on the GCash application. GSave’s assets under management now stand at PHP 9 billion ($ 178 million), a significant increase from PHP 5 billion ($ 98.8 million) in 2020. Through its subsidiary at 100% Fuse and other banking partners, Mynt offers credit to users through its trust and rating platform, GCredit. The platform currently disburses over PHP 1 billion ($ 19.7 million) in loans each month.

“The investment in Mynt marks our continued commitment and strong belief in the long-term prospects of the Philippines as one of the region’s fastest growing digital economies,” said Saurabh Agarwal, Managing Director of Warburg Pincus in a press release. “Mynt has a dominant position in the Philippine market and is well positioned with its best management team, innovative technology and superior product offerings. “


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