Philippines-based Mynt, a fintech startup that provides access to a range of advanced financial digital solutions, raised USD 300 million on 2nd November.
Investors: Warburg Pincus led the investment round along with Insight Partners, as well as Bow Wave Capital, which is one of Mynt’s existing investors. In addition to Globe and Ayala, Itai Tsiddon and Amplo Ventures participated in the round.
Purpose of funding: Making a strategic contribution to the company. The strategic value in this state centers around microcredit, which provides consumers with a cross-selling opportunity. It also involves improving and transforming traditional channels using financial technology as well as maintaining a leadership position and initiating positive and disruptive changes in the Philippine financial service sector.
About Mynt
Founded in 2015, Mynt (Globe Fintech Innovations, Inc.) is a partnership between Globe Telecom, the Ayala Corporation, and Ant Financial. Mynt offers a variety of financial services, including savings, insurance, loans, and investments. It operates two fintech companies designed to serve consumers, merchants, and businesses. The first is GCash which is a micropayment application that transforms your mobile phone into a virtual wallet for transferring money securely, quickly, and easily. The Second Fuse facilitates microloans without having to meet traditional criteria set by banks and other lenders.
As of now, the company has 3 million merchants and social sellers. In addition, the app had a peak daily login of 19 million, and a peak daily active transaction of 12 million. At present, GCash is the Philippines’ top financial app. Furthermore, it is the first financial app in the country to offer the GForest feature, a cutting-edge sustainability initiative. Users can use GCash points to convert their green points acquired into a virtual tree. In turn, a tree would be planted in key areas in the Philippines.
What the CEO has to say:
“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. 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 toward finance for all,” said Martha Sazon, CEO & President at Mynt.
What the Investor has to say:
“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,” said Saurabh Agarwal, Managing Director at Warburg Pincus.
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