Philippine FinTech Mynt Secures $ 300 Million Funding

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Mynt, a Philippines-based digital financial solutions provider that offers the Gcash payment services app, raised $ 300 million in a fundraiser, according to a press release.

That puts Mynt’s value at over $ 2 billion and makes him the only unicorn in the Philippines (or a company valued at over $ 1 billion), the statement said.

Mynt offers a number of financial services, including credit, savings, insurance, loans, and investments. The cycle was led by Warburg Pincus and Insight Partners. Other participants included Itai Tsiddon, Amplo Ventures, Globe, Ayala and Bow Wave.

“This is further proof that our growth and achievements have not gone unnoticed,” Mynt President and CEO Martha Sazon said in the statement. “We have been able to continuously grow by introducing breakthrough 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 of finance for all.

Mynt has helped Filipinos transition to digital financial services, trying to make digital the default way to manage payments and financial affairs for more than 48 million users, the statement said. The app has been popular with users, and Mynt will likely reach Philippine Pesos 3 trillion ($ 59.5 billion) in gross transaction value.

The company also saw a spike in daily app connections and daily active transactions of 19 million and 12 million, respectively, the statement said. And the new traders and social sellers have grown to 3 million.

Mynt raised $ 175 million in venture capital in January. The company was planning at the time to increase its fundraising, seeking a valuation of over $ 1 billion.

Read more: Ant-Backed Mynt seeks more funding on heels of $ 175 million round

Mynt, in the Gcash operation, said at the time that he was doing well and had made big gains in 2020.

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