Philippine fintech Mynt raises US$300M from Warburg Pincus, Insight Partners, Bow Wave Capital

Philippine 50-peso notesPhilippine 50-peso notes

Philippine fintech Mynt has raised US$300 million in a funding round led by Warburg Pincus, Insight Partners and Bow Wave Capital, valuing the company at more than US$2 billion.

Bow Wave Capital is an existing Mynt investor, according to a statement from the company, which claims to be the Philippines’ only unicorn, or startup valued at more than US$1 billion.

The round included participation from Itai Tsiddon and Amplo Ventures and capital from Globe Telecom and Ayala Corp.

Mynt is a startup partnership between Singtel associate Globe Telecom, the Ayala Corp. and Ant Financial. Mynt’s services include payments, remittance and loans. Its platforms include the GCash payment services app. As of end-September, Singtel held 21.44 percent of Globe Telecom.

Ernest Cu, chairman of the board at Mynt and president and CEO of Globe, said he welcomed the new investors.

“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,” Cu said in the statement.

“Together with the continued support of Mynt’s existing shareholders, we are confident of furthering Mynt’s market leadership and creating positive and transformative disruption in the Philippine financial services sector,” Cu added.

Saurabh Agarwal, managing director of Warburg Pincus, said the investment was part of his firm’s strong belief in the Philippines’ long-term prospects and that Mynt has a dominant market position.

Deven Parekh, managing director at Insight Partners, said GCash has the most compelling product to reach the Philippines’ “massively underserved” market.

“Our investment in Mynt fits within our global thesis of increasing financial inclusion using digital tools,” Parekh said in the statement.

Mynt said that the quarantines in response to Covid-19 have made Mynt the “go-to” payment and financial services provider for Filipinos, with more than 48 million users, or nearly half the country’s population. Mynt added it was on track to reach 3 trillion Philippine pesos of gross transaction value, three times more than 2020’s record.