Mynt raises $300 million
Mynt, “the Philippines’ #1 digital financial solutions provider” and the company behind the popular GCash payment services app, has raised over $300 million in funding at a $2+ billion valuation. The investment round was led by Warburg Pincus, New York-based global private equity and venture capital firm Insight Partners, and Bow Wave Capital, one of Mynt’s existing investors. The round also includes participation from Itai Tsiddon and Amplo Ventures as well as capital from Globe and Ayala.
Founded in 2015, Mynt is partly owned by Globe Telecom, Ayala Corp, Bow Wave, and Ant Financial, the financial technology arm of Alibaba. The company offers a full array of financial services, spanning credit, savings, insurance, loans, and investments. GInsure, GCash’s microinsurance offering launched in 2020, accounts for one third of all new insurance policies issued in the Philippines.
“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 towards finance for all.” – Martha Sazon, president and CEO of Mynt.
“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. Together with the continued support of Mynt’s existing shareholders, we are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector.” – Ernest Cu, chairman of the board of Mynt and president and CEO of Globe.
“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.” – Saurabh Agarwal, managing director of Warburg Pincus.
“We believe that GCash has created the most compelling product to reach the massively underserved market in the Philippines. 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.” – Deven Parekh, Managing Director at Insight Partners.
