Mynt, a Philippines-based fintech platform offering mobile payments and business loans, announced today it has raised over US$175 million in fresh capital from ASP Philippines.
ASP is a Limited Partnership fund managed by Bow Wave Capital Management, a Private Equity fund with a mandate to invest in strategic partners and investments of Ant Financial and Alibaba Group.
The new funds will go towards growing its product offerings to “further spur” the growth of financial inclusion and digitisation of payments and financial services in the Philippines.
The financing was raised in multiple tranches, with the post-money valuation of the final tranches reaching close to US$1 billion.
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Founded in 2015 as a partnership between Philippines’s largest telco Globe Telecom, locally-listed conglomerate Ayala Corporation, and Ant Financial, Mynt operates two fintech companies — GCash, a mobile payments service, and Fuse, a lending platform for Filipinos to get micro and business loans.
“The pandemic has acted as a catalyst in highlighting the importance of digital finance in society today and with this investment from Bow Wave, we look forward to further living out our vision of finance for all, enabling democratised access to payment and financial services to every Filipino,” said Martha Sazon, President and CEO of Mynt.
“Mynt has made great strides in the fintech space in the Philippines. Recognising this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos,” remarked Itai Lemberger, Founder and Chief Investment Officer of Bow Wave.
As more and more Filipinos turn to digital services, GCash claimed it recorded a gross transaction value of over Php1 trillion (US$20.8 billion) in 2020, spurred by services like online payments, bank cash-in and sending money.
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GCash shared it has reached over 33 million Filipinos with digital financial tools and services through its mobile wallet, using it for a variety of services including opening deposit accounts and acquiring insurance products.
“We are further encouraged by the fact that Mynt’s momentum has continued, even as the country moved out of quarantine restrictions, suggesting a fundamental shift in our customers’ behaviour towards a cashless lifestyle. We are confident in Mynt’s future prospects as a unicorn in the Philippines,” opined Ernest L. Cu, Chairman of the Board of Mynt.
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Image Credit: Mynt
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