Mynt, the operator of GCash payments platform, became the country’s first unicorn or privately-held startup company with a value of over $1 billion, after it raised more than $300 million in its latest funding round from new and existing investors to fund aggressive expansion.
The investment round, which brought Mynt’s value to over $2 billion, was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners and Bow Wave Capital, one of Mynt’s current investors.
The round also included the participation of Itai Tsiddon and Amplo Ventures and capital from Globe Telecom and Ayala Corp.
The transaction solidified Mynt’s status as the Philippines’ only unicorn, and as one of the leading fintech companies in Southeast Asia.
“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,” said Martha Sazon, president and chief executive of Mynt.
“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 towards finance for all,” she said.
Mynt said that with the addition of highly-experienced global investors in Warburg Pincus and Insight Partners, it is well-positioned to further expand its digital financial services offerings and support the Philippines’ financial inclusion agenda.
“We welcome Warburg Pincus, Insight Partners and the other investors into Mynt. Their investment in Mynt and GCash further validates the strides the company has made in providing access to innovative financial services to more Filipinos and highlighting the Philippines to the global investor audience,” said Ernest Cu, chairman of the board of Mynt and president and chief executive of Globe Telecom.
“Together with the continued support of Mynt’s shareholders, we are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector,” Cu said.
Saurabh Agarwal, managing director of Warburg Pincus said the investment into Mynt marked Warburg’s continued commitment and strong belief in the long-term prospects of the Philippines as one of the fastest growing digital economies in the region.
“We believe that GCash has created the most compelling product to rach massively underserved market in the Philippines,” said Deven Pareh, managing director of Insight Partners.
“Our investment in Mynt fits within our global thesis of increasing financial inclusion using digital tools. We look forward to partnering with Mynt as they continue to grow on their scale up journey,” Pareh said.
Since the onset of community quarantines as response to COVID19, Mynt has been at the forefront of digital transformation of Filipinos as the “go-to” payment and financial services solution to over 48 million users, nearly half of the national population. With the continued relevance of the app among its users, Mynt is on track to reach P3 trillion of gross transaction value, or three times more than last year’s record number.
The company also recorded peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively. With the entry of Myn’s new international investors, the company is joining an eminent league of world-class companies that are redefining the global technology and innovation landscape.