Filipino FinTech Mynt Nets $300M in Funding on $2B Valuation

Mynt, a digital financial solutions provider based in the Philippines, which puts out the Gcash payment services app, has raised $300 million in a funding round, according to a press release.

This puts the value of Mynt at over $2 billion and makes it the Philippines’ only unicorn (or a company valued at more than $1 billion), the release stated.

Mynt offers numerous financial services, including credit, savings, insurance, loans and investments. The round was led by Warburg Pincus and Insight Partners. Other participants included Itai Tsiddon, Amplo Ventures, Globe, Ayala and Bow Wave.

“This is further proof that our growth and achievements have not gone unnoticed,” said Mynt President and CEO Martha Sazon in the release. “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 toward finance for all.”

Mynt has been helping Filipinos shift to digital financial services, attempting to make digital the default way to handle payments and financial business for over 48 million users, according to the release. The app has been popular with users, and Mynt will likely reach 3 trillion Philippine pesos ($59.5 trillion) in gross transaction value.

The company has also had peak daily app logins and daily active transactions of 19 million and 12 million, respectively, the release stated. And new merchants and social sellers have increased to 3 million.

Mynt raised $175 million in venture capital funding in January. The company was planning more fundraising at the time, seeking an over-$1 billion valuation.

Read more: Ant-Backed Mynt Seeks More Funding on Heels of $175 Million Round

Mynt, in operating Gcash, said at the time that it had been doing well and had made big gains in 2020.