Mynt, operator of the country’s leading e-wallet service provider GCash, yesterday said it has raised over $300 million funds from several foreign investors, valuing the financial technology firm at over $2 billion.
According to the company, the investment round was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital.
The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe Telecom Inc. and Ayala Corp.
With the entry of the new international investors, Mynt said it is well positioned to further expand its digital financial services offering 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,” Ernest Cu, Globe president and chief executive officer and Mynt chairman of the board, said in a statement.
Mynt, which is partly owned by Globe, Ayala, Bow Wave Capital and Ant Financial, said it is on track to reach P3 trillion gross transaction value — three times more than last year’s record number.
To date, GCash has over 48 million users and has peak daily app log-ins and daily active transactions of 19 million and 12 million, respectively.
Mynt now has 3 million merchants and social sellers.The company delivered earnings before interest, tax, depreciation and amortization as well as net income in mid-2021.
Mynt offers a full array of financial services, spanning credit, savings, insurance, loans and investments.
It said assets under management for its GSave product has grown to over P9 billion, from P5 billion in 2020, while its GInvest product has captured 70 percent of the domestic market of total unit investment trust fund accounts.
