financial technology

GCash parent Mynt hits ‘double unicorn’ status after securing $300-M funding

Aika Rey
GCash parent Mynt hits ‘double unicorn’ status after securing $300-M funding

GCash

Mynt's latest investment round brings its valuation to over $2 billion

Mynt, the company behind payment services app GCash, reached “double unicorn” status after it raised $300 million, bringing its total valuation to over $2 billion.

In a press statement on Tuesday, November 2, Mynt said the additional global investors in its portfolio would allow the company to further expand its digital financial services and support the Philippines’ financial inclusion agenda.

“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,” said Mynt president and chief executive officer Martha Sazon.

Mynt said the investment round was led by global investment giant Warburg Pincus, New York-based global private equity and venture capital (VC) firm Insight Partners, and existing investor Bow Wave Capital.

The round also included participation from angel investor Itai Tsiddon and VC firm Amplo Ventures, as well as capital from Globe and Ayala Corporation, according to 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,” said Ernest Cu, president and CEO of Globe and chairman of the board of Mynt.

Warburg Pincus managing director Saurabh Agarwal said the company’s investment in Mynt marks its continued commitment and strong belief in 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,” said Agarwal.

Insight Partners managing director Deven Parekh, meanwhile, said GCash has “created the most compelling product” in reaching the underserved market in the Philippines.

Mynt is a financial technology startup partnership between Globe, Ayala Corporation, and Chinese billionaire Jack Ma’s Ant Financial.

So far, GCash has over 48 million users, according to Mynt, and it is said to be on track to reaching P3 trillion in gross transaction value, beating its record P1-trillion GTV in 2020.

GCash has been consolidating financial services into one app. It has introduced new products on its platform, such as GInvest, which allows users to invest in local and global funds, and GInsure, its insurance product for medical emergencies.

GCash is the most downloaded finance app with the most active users among Filipino iOS and Android owners for 2020, according to mobile data and analytics firm App Annie. – Rappler.com

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.