Wednesday, 2024 April 17

Philippine fintech developer Mynt bags USD 300 million, valued at USD 2 billion

Mynt has landed USD 300 million in fresh 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 USD 2 billion, making it the first fintech unicorn in the Philippines. Other investors participating in this funding round include Itai Tsiddon and Amplo Ventures, as well as existing backers Globe, Ayala, and Bow Wave.

Mynt offers various financial services, spanning credit, savings, insurance, loans, and investments. The firm 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 payment company, Mynt serves 48 million users, nearly half of the Philippines’ population. The firm is on track to reach PHP 3 trillion (USD 59 billion) in gross transaction value, a 300% increase from last year’s figure. It has recorded peak daily app log-ins 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 app. GSave’s assets under management is now PHP 9 billion (USD 178 million), a significant step up from PHP 5 billion (USD 98.8 million) in 2020. Through its wholly owned subsidiary Fuse and other banking partners, Mynt offers credit to users through its proprietary trust and scoring platform, GCredit. The platform currently disburses over PHP 1 billion (USD 19.7 million) in loans every month.

“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,” said Saurabh Agarwal, managing director of Warburg Pincus in a statement. “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.”

Khamila Mulia
Khamila Mulia
Khamila Mulia is a seasoned tech journalist of KrASIA based in Indonesia, covering the vibrant innovation ecosystem in Southeast Asia.
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