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Deepti Sri · · 1 min readReport: Ant Group-backed fintech firm Mynt looks to double its valuation to $2b
“Philippine fintech player Mynt aims to more than double its valuation to US$2 billion in its future fundraising, a level that would make the Ant Group-backed payment provider the country’s most valuable fintech company,” Nikkei Asia reported, citing Mynt chief commercial officer Frederic Levy.
Details:
- Mynt, the group that operates the GCash app, is currently in talks with existing and prospective shareholders to raise fresh funds. However, Levy did not disclose further details about the timeline of upcoming financing rounds.
- The CFO added that there has been a “drastic” increase in the number of partners approaching the company in the last 24 months.
Dive deeper:
- Currently, Mynt counts Globe Telecom and Jack Ma’s Ant Group as its largest shareholders, with a 40% stake each. Philippine conglomerate Ayala Corporation has a 6% stake in Mynt, while Bow Wave Capital Management holds a 14% share.
- GCash is also on track to more than double the value of transactions on its app to over 2 trillion pesos (US$40 billion) this year.
Currency converted from US dollar to Philippine peso: US$1 = 50.29 pesos.
Editing by Collin Furtado and Eileen C. Ang
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