A user uses the GCash’s service at a retail shop in the Philippines
Mynt, a leading digital financial solutions company in the Philippines and the owner of the mobile payments GCash, has scored over US$300 million in a funding round.
Global growth investor Warburg Pincus led the new round. Insight Partners, Itai Tsiddon, Amplo Ventures, Globe Telecom, and Ayala Corporation, besides existing investor Bow Wave Capital, joined.
The new round brings Mynt’s valuation to over US$2 billion to turn it into the first fintech unicorn of the Philippines (here’s Southeast Asia’s complete list of unicorns). This deal follows the announcement of over US$175 million funding from ASP Philippines early this year.
Also Read: GCash and Qwikwire partner to innovate real estate industry in Philippines
Mynt was founded in 2015 as a partnership between the archipelago’s telco giant Globe, locally listed conglomerate Ayala, and Ant Financial. It offers a full array of financial services, spanning credit, savings, insurance, loans, and investments.
GCash is Mynt’s flagship product. Through this app, customers can purchase prepaid airtime, pay bills at over 600 partner billers nationwide, send and receive money anywhere in the Philippines, purchase from over 3 million partner merchants and social sellers. Customers can also get access to savings, credit, insurance and invest money.
In addition to GCash, Mynt also operates Fuse, a lending platform for Filipinos to get micro and business loans. Its other products are GInsure (microinsurance), GCredit, and GLoans.
The fintech currently serves 48 million users, nearly half of the country’s population, and is on track to reach PHP3 trillion of the gross transaction value.
Also Read: Top 5 fintech predictions that will take over the world in 2021
“…we have been able to continuously expand by introducing game-changing innovations while improving our profitability profile,” said Martha Sazon, president and CEO of Mynt.
While GCredit disburses over P1 billion worth of loans each month, GLoan allows qualified users to borrow as much as P25,000, with repayment spread over 12 months.
It is also looking to launch “buy now, pay later” products within the year.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
Image Credit: Mynt
The post Mynt becomes Philippines’s first fintech unicorn after a US$300M financing round appeared first on e27.