The Company Behind GCash Is Now Valued at Over P100 Billion After Latest Funding Round
Digital financial solutions company Mynt is now valued at over $2 billion (over P100 billion) after raising an addition $300 million (P15.14 billion) in new funding, the company announced Tuesday (November 2).
Mynt is the operating company behind mobile wallet GCash. In a filing with the Philippine Stock Exchange, its parent company Globe Telecom said the latest funding round was led by Warburg Pincus, Insight Partners, and Bow Wave Capital. Also participating were Itai Tsiddon and Amplo Ventures, as well as Globe’s parent company Ayala Corp.
"This is further proof that our growth and achievements have not gone unnoticed,” Mynt President Martha Sazon said. “We have been able to continuously expand by introducing game-changing innovations while improving our profitability profile."
"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," Globe President Ernest Cu said.
For his part, Warburg Pincus managing director Saurabh Agarwal said this investment reflects the group’s “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," he said.
Deven Parekh, a managing director at Insight Partners, meanwhile said the group invested in Mynt due to its “compelling product” GCash.
“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,” he said.
In January 2021, Mynt achieved “unicorn” status—or startups valued at $1 billion—after more than a decade of operating various digital financial services and offering various financial tools.
GCash is a mobile platform that offers credit, savings, insurance, loans, and investments. It now has 48 million users and is on track to reach P3 trillion in gross transaction value this year.