Roehl Niño Bautista · · 1 min readAnt-backed Mynt breaches $2b valuation post-$300m funding
Philippine fintech firm Mynt has more than doubled its valuation after a US$300 million fundraise led by Warburg Pincus and Insight Partners.
This comes less than a year since Mynt, the fintech arm of telecommunications firm Globe, almost hit unicorn status after a US$175 million raise. Its e-wallet GCash also hit profitability for the first time in August.
Photo credit: GCash
Mynt provides savings services in partnership with Malaysia-headquartered CIMB bank and offers insurance products. The firm said it is still expecting to hit 3 trillion pesos (almost US$60 billion) in transaction value – triple its 2020 numbers – by the end of the year. Its peak daily logins and active transactions have hit 19 million and 12 million, respectively.
“We are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector,” said Ernest Cu, chairman of the board of Mynt and president and CEO of Globe.
GCash earlier said that it is launching a buy now, pay later product this year. Its top competitor in the Philippines, Tencent-backed PayMaya, was recently awarded a digital banking license and now offers insurance services as well.
Currency converted from Philippine peso to US dollar: US$1 = 50.69 pesos.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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