Philippines-Based Fintech Mynt Secures $ 300 Million From Warburg Pincus, Insight Partners and Bow Wave

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Mynt, the Philippines-based digital financial solutions provider and the company behind the GCash payment services app, has raised over $ 300 million in capital, valuing Mynt at over $ 2 billion.

As mentioned in a statement, this reinforces the company’s status as the only unicorn in the Philippines and as one of the leading Fintechs operating in Southeast Asia.

The investment cycle would have been led by the investment company Warburg pincus, a New York-based global private equity and venture capital firm Insight Partners, and Arc wave capital, who is one of Mynt’s existing investors. The cycle also includes contributions from Itai Tsiddon and Amplo Ventures as well as the financing of Globe and Ayala.

As stated in a press release:

“Since community quarantines began in response to COVID19, Mynt has been at the forefront of Filipino digital transformation as the ‘go-to’ payment and financial services solution for more than 48 million users, or almost half of the national population. With the app’s continued relevance among its users, Mynt is on track to achieve PHP 3 trillion in gross transaction value, 3 times higher than last year’s record number.

The update also mentioned that the company had “seen a daily spike in daily app connections and active transactions of 19 million and 12 million, respectively.” With the entry of Mynt’s global investors, the company joins leading companies that “are redefining the global landscape of technology and innovation,” the announcement notes.

Marthe Sazon, President and CEO of Mynt, said:

“This is further proof that our growth and achievements have not gone unnoticed. We have been able to continuously develop ourselves by introducing breakthrough 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 of finance for all. “

As Mynt continues to expand its business operations, the company has seen a dramatic increase in its number of merchants and social sellers, “now to 3 million”.

The company has grown to size while “improving the economy of its unit, generating positive EBITDA and net profit by mid-2021,” the update notes.

With the addition of experienced investors in Warburg Pincus and Insight Partners, Mynt is well positioned to “expand its digital financial services offerings and support the Philippines’ financial inclusion agenda,” the announcement adds.

Ernest Cu, Chairman of the Board of Directors of Mynt and President and CEO of Globe, said:

“We welcome Warburg Pincus, Insight Partners and other investors in Mynt. Their investment in Mynt and GCash further validates the progress the company is making in providing access to innovative financial services to more Filipinos and making the Philippines visible to the global investor audience. With the continued support of existing Mynt shareholders, we are confident that we will strengthen Mynt’s market leadership and create a positive and transformative disruption in the Philippine financial services industry.

Mynt offers a wide range of financial services, “covering credit, savings, insurance, loans and investments. Assets under management (AUM) for its GSave product reached over 9 billion pesos, up from 5 billion pesos in 2020, while its GInvest product has already captured 70% of the domestic market of UITF’s total accounts.

GInsure, GCash’s microinsurance offering launched last year, “accounts for 1/3 of all new insurance policies issued in the Philippines”.

Through its wholly owned subsidiary Fuse and other banking partners, Mynt provides credit to its users, “on the back of its proprietary trust and rating platform.”

GCredit disburses over one billion pesos in loans each month, “worth 15 billion pesos having been disbursed in June 2021, and enjoys the best repayment rates locally with the lowest delinquent and non-performing loans “.

Mynt also piloted GLoan, a cash loan product that “allows qualified users to borrow up to P 25,000, with repayment spread over 12 months.”


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